JERSEY - Jersey Electricity PLC has reported a solid financial performance for the fiscal year ended September 30, 2024, with an 8.5% increase in revenue and a slight rise in profit before tax. The company announced these results in a board meeting today, highlighting their continued commitment to providing reliable and sustainable energy services.
For the year, the company's revenue rose to £135.7 million, up from £125.1 million in the previous year. Profit before tax saw a marginal increase from £14.9 million to £15.1 million. Earnings per share also improved to 37.92p from 36.81p in 2023.
Jersey Electricity declared a final dividend of 12.00p per share, which is a 5.3% increase from the previous year's 11.40p. This brings the total dividend for the year to 19.80p per share, up from 18.80p in 2023. The final dividend is scheduled to be paid on March 14, 2025, to shareholders registered as of February 22, 2025.
The company's net cash position improved by £1.8 million to £19.2 million. This increase was primarily due to favorable working capital movements, which offset higher cash used in investment activities.
In operational terms, despite the challenging start to the year with Storm Ciarán and ongoing geopolitical tensions affecting energy markets, Jersey Electricity's performance remained strong. The company has embarked on a significant investment program, "The Big Upgrade," committing £120 million over the next five years to enhance the electricity network's resilience and sustainability.
As part of its commitment to decarbonization, Jersey Electricity has set a goal to achieve net zero by 2040. In the past year, they initiated the Solar 5000 campaign, aiming to power 5,000 homes with solar energy by 2030. The first solar array at St Clement is set to be commissioned in January 2025, providing about 4MW of electricity.
The company's resilience program at La Collette Power Station and the upgrade of transformers at Five Oaks are notable steps towards enhancing the island's security of supply while also reducing environmental impact.
Reflecting on the centenary year, the company's Chair, Phil Austin, praised the dedication, expertise, and passion of the staff, acknowledging their role in the company's long-standing success.
Jersey Electricity's annual general meeting is scheduled for March 5, 2025, at the Powerhouse in St. Helier, Jersey.
This report is based on a press release statement from Jersey Electricity PLC.
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