* Adjusted operating profit up 1 pct to 2.42 bln stg
* Downstream gains offset by mild weather, lower power use
* Says plans to deliver improved earnings growth in 2012 (Adds detail)
LONDON, Feb 23 (Reuters) - British utility Centrica (LSE: CNA.L - news) reported a small increase in full-year profit as higher commodity prices and mild weather offset gains in its upstream oil and gas business.
The company, however, said it plans to deliver improved earnings growth this year, driven largely by higher oil and gas production.
Centrica, which owns Britain's biggest household energy supplier British Gas, said adjusted operating profit rose 1 percent to 2.42 billion pounds ($3.79 billion), broadly in line with consensus estimates.
Profit at the company's downstream supply business dropped 17 percent, hurt primarily by higher gas prices. The company said mild weather led to a 21 percent dip in average household gas consumption and a 4 percent fall in electricity use.
That was partly offset by gains in UK upstream, where higher commodity prices drove profits up 33 percent. The company plans to increase upstream UK gas and oil production by over 25 percent this year.
Centrica shares closed at 293.5 pence on Wednesday on the London Stock Exchange (LSE: LSE.L - news) , valuing the business at 15.2 billion pounds.
($1 = 0.6383 British pounds) (Reporting by Adveith Nair; Editing by Matt Scuffham)
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