French energy firm EDF has today revealed that core profits in its UK business grew as it charged more for the energy it produced.

The state-backed utilities giant, which has a major base in Gloucester, said profits before tax, interest and one-off items lifted to £1.12billion for 2022 in the UK, following a loss of £21million in the previous year.

EDF said: "With a strong operational performance by our nuclear fleet, our overall financial performance has improved from the very challenging results we experienced in 2021."

Despite this, UK business recorded an operating loss of almost £1 billion due to depreciation and one-off impairments.

The firm's energy supply business for UK households and business made a loss of over £200 million.

It came as the wider group plunged to €5billion (£4.46billion) loss as repairs impacted the group's nuclear output for the year.

EDF said it continued to invest strongly in bolstering the UK's current and future energy security, investing over £2.6billion in 2022 in its nuclear, renewables and customer businesses.

Planned investment in the UK across 2023-25 is over £13bn, largely in Hinkley Point C; around £2billion is due to be invested in the existing nuclear fleet and renewables projects.

EDF recently moved its regional base from Barnwood to a multi-million pound base at Gloucester Business Park. 

The company employs over 1,000 people in Gloucestershire and was last year ranked #10 in Punchline's list of Gloucestershire's Top 100 Employers.