GDF Suez on Thursday postponed profit targets, accelerated cost cuts and cancelled planned share buy-backs as it prepared for a tough year ahead.

However, Gérard Mestrallet, executive chairman of the energy company born from the merger of state-owned Gaz de France and the private utility Suez, insisted the group was well placed to weather the economic and financial crisis as he announced a 13 per cent rise in annual net profits fuelled by gains on disposals. “In all the stimulus packages, energy and environment are high priorities. We are in these priorities. We are not superfluous growth. We are fundamental,” he said.