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JERSEY - Jersey Electricity Plc (JE) has reported consistent financial performance for the first half of its fiscal year, ending March 31, 2025, alongside a modest increase in interim dividends for shareholders. The company, which initiated a £180 million strategic investment program in the previous year to enhance its energy network and services, declared an interim dividend of 8.82p, a slight rise from the 8.40p paid in the same period last year. The dividend is set to be paid on June 27, 2025, to shareholders registered by June 13, 2025.
The utility company, which has not yet had its interim report audited, has made significant progress in its strategic initiatives, including the commissioning of a 4MWp solar array in St Clement and nearing completion of a transformer replacement project at Five Oaks. These developments are part of JE’s commitment to preparing the network for net zero emissions and enhancing supply resilience.
Electricity unit sales increased by 2.7% to 365.5 million units, driving group revenue up by 9% to £82.3 million, compared to £75.6 million in the same period last year. Profit before tax remained stable at £10.5 million. The company attributes the revenue increase largely to its Energy business, citing a 7.5% tariff rise implemented in January 2025 due to higher wholesale market costs and inflationary pressures.
Despite the tariff increase, JE’s retail prices are approximately 40% lower than those in the UK. The company has hedged its electricity purchases for the remainder of 2025 and does not anticipate further price increases this year. Additionally, JE is materially hedged through the end of 2027, adding financial resilience and stability for its customers.
The company’s defined benefit pension scheme surplus increased to £29.9 million, with no pension increases awarded during the period, as the Jersey Electricity pension scheme does not pay mandatory annual rises on retirement.
Looking ahead, JE’s Board affirms that the company has sufficient resources to operate for at least 12 months from the report’s approval date and continues to prepare financial statements on a going concern basis. The principal risks and uncertainties remain unchanged from the last annual report.
This financial update is based on a press release statement from Jersey Electricity Plc.
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