BUSINESS LIVE: FTSE 100 drops back; BP profits rise

BUSINESS LIVE: FTSE 100 drops back; BP profits buoyed by oil prices; Bluegreen is the latest energy firm to go bust

BP saw a sharp rise in third quarter profit, lifted by stronger oil and natural gas prices that have soared this year as economies recover from the pandemic.

The oil giant’s underlying replacement cost profit – BP’s definition of net earnings – reached $3.32billion in the third quarter, exceeding analysts’ expectations for $3.06billion.

Energy business Bluegreen has become the latest firm to go into administration, as high gas prices continue to decimate smaller providers.

The firm, which has 5,900 customers, said in a statement yesterday: ‘Due to the energy crisis in the UK, we find ourselves in an unsustainable situation and regrettably, Bluegreen Energy Services Limited is forced to make the difficult decision to cease trading.

‘Under Ofgem’s safety net, all Bluegreen Energy customers are well protected, and your supply of gas/electricity is secured and will not be subject to interruptions.’

The amount of time it takes for a property transaction to complete is down 27 days on average, new figures show.

Home movers had been dealing with an average five-month during the summer, according to Rightmove, but it now takes a little over four months – or 127 days – to get through the conveyancing process.

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BP’s $3.32bn third quarter profit compares to $2.8bn in the second quarter and $86m a year earlier, when energy demand and prices collapsed due to the coronavirus epidemic.