Jersey Electricity announces interim dividend hike

JERSEY - Jersey Electricity PLC (JE) has reported a robust operational and financial performance for the six months ending March 31, 2025, according to a statement released today. The company has declared an interim dividend of 8.82p per share, up from 8.40p in the previous year, to be paid on June 27, 2025, to shareholders registered by June 13, 2025.

The interim report revealed that JE’s strategic investment program, initiated in the previous fiscal year with a £180 million budget over five years, is progressing as planned. Significant developments include the commissioning of a 4MWp solar array in St Clement and advancements in network resilience projects.

JE’s financial performance showed a revenue increase to £82.3 million, up by 9% from £75.6 million for the same period last year. This rise was primarily due to higher earnings from the Energy business. The company’s profit before tax remained stable at £10.5 million, slightly up from £10.3 million in the previous year.

Electricity unit sales rose by 2.7% to 365.5 million units, attributed to a colder winter. JE sources the majority of its electricity from France, complemented by local renewable and oil-fired generation. The company’s retail prices are approximately 40% lower than the UK, despite a 7.5% tariff increase implemented in January 2025 due to higher wholesale market costs and inflationary pressures.

The company’s liquidity position showed a net cash balance of £8.5 million, down from £16.7 million the year before, reflecting increased capital investment expenditure. The pension scheme reported a surplus of £29.9 million, up from £28 million six months prior.

Looking forward, JE has hedged its electricity purchases for the remainder of 2025 and is materially hedged through to the end of 2027. This strategy, combined with the use of forward foreign currency contracts, aims to reduce cost volatility and assist in tariff planning.

The Board confirms that JE has sufficient resources to continue operations for at least 12 months from the approval date of the report, and therefore continues to prepare financial statements on a going concern basis.

This news summary is based on a press release statement and has not been independently verified. The interim report has not been audited or reviewed by external auditors, and the results for the equivalent period in 2024 have not been audited either. The results for the year ended September 30, 2024, were extracted from the statutory accounts and were unmodified by the auditor’s report.

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