Jersey Electricity Celebrates Revenue Growth and Sustainability Initiatives

Jersey Electricity Achieves Revenue Growth

Jersey Electricity PLC has recently reported a noteworthy 8.5% rise in revenue, reaching £135.7 million for the year ending September 30. This achievement highlights the company's resilience amid significant challenges within the energy market.

Financial Highlights and Dividends

In its recent financial statement, Jersey Electricity announced a profit before tax of £15.1 million, showing a marginal increase from the previous year’s £14.9 million. The Board is pleased to recommend a final dividend of 12.00p per share, reflecting a 5.3% increase from 2023. When combined with the interim dividend, the total disbursement for the year sums up to 19.80p per share.

Market Challenges and Performance

Despite external factors such as the Russia-Ukraine war and Middle East tensions impacting the energy industry, Jersey Electricity has successfully maintained stable electricity sales. The company reported a Return on Assets of 7.3%, meeting its targeted performance over a rolling five years.

Commitment to Sustainability

Jersey Electricity is committed to sustainability, actively pushing forward its renewable energy strategy. The company's Solar 5000 campaign aims to power 5,000 homes with solar energy by 2030, promoting Jersey’s ambition for a net-zero future. The first solar array, located at St. Clement, is scheduled for commissioning in January 2025.

Looking Back on a Century of Service

This year marks a century of operations for Jersey Electricity. Reflecting on its storied history, Phil Austin, the Chair, recognized pivotal moments such as building the first power station and establishing undersea connections to France. He highlighted the staff's unwavering commitment as essential to the company’s evolution.

Robust Financial Health

Jersey Electricity's financial health remains strong, with a healthy balance sheet and high-quality assets, ensuring it can navigate the turbulent wholesale energy market. The firm’s power procurement strategies have effectively shielded it from recent price surges.

Operative Performance Across Business Units

The Energy Business reported an operating profit of £13 million, maintaining consistency despite inflation in tariff prices and rising wholesale energy costs. Other divisions, such as building services and retail, have also performed satisfactorily.

Improved Cash Position

The company's net cash position improved to £19.2 million, reflecting a positive shift from £17.4 million in the previous year. This improvement is mainly attributed to favorable working capital changes, even amidst increased investment initiatives.

Upcoming Events

Jersey Electricity's Annual General Meeting is set for March 5, 2025, to be held at the Powerhouse on Queen’s Road in St. Helier. Stakeholders are encouraged to participate and learn more about the company’s progress and future plans.

Frequently Asked Questions

1. What revenue growth did Jersey Electricity report?

Jersey Electricity reported an 8.5% increase in revenue, totaling £135.7 million.

2. What is the recommended final dividend for shareholders?

The Board recommended a final dividend of 12.00p per share, representing a 5.3% increase from the previous year.

3. How is Jersey Electricity contributing to sustainability?

The company initiated the Solar 5000 campaign to power 5,000 homes using solar energy by 2030.

4. What challenges has Jersey Electricity faced recently?

Jersey Electricity has dealt with challenges due to the Russia-Ukraine conflict and tensions in the Middle East affecting energy markets.

5. When is the Annual General Meeting scheduled?

The Annual General Meeting for Jersey Electricity is planned for March 5, 2025.

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