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EDF Energy saw its sales fall by more than 13 per cent in the first three months of 2016 due to a decline in customer numbers and a mild winter.
Results for the period showed its revenues were €2.9 billion (£2.3 billion), down from €3.4 billion (£2.7 billion) in the first quarter of 2015.
The decline was attributed to lower than usual gas consumption due to the mild winter as well as falling customer numbers, which dropped 4 per cent to 5.2 million.
Revenues were also down for the EDF Group as a whole. They fell year-on-year by almost 7 per cent to €21.4 billion (£16.9 billion).
Although the British business saw the sharpest drop in sales, revenues for the French business also declined by nearly 5 per cent to €12.1 billion (£9.6 billion).
EDF reaffirmed its strategy announced in April to slash its costs by €1 billion (£790 million) by 2019 and sell-off €10 billion (£7.9 billion) of assets by 2020.
Analysts at Jefferires said: “[The] Q1 update is in-line with our view that EDF’s earnings are set to come under increasing pressure due its rapidly rising exposure to wholesale power prices. Without further policy help we see a challenging outlook for the business.”
You can read EDF’s full-year results for 2015 here
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