JERSEY - Jersey Electricity PLC has announced its financial results for the year ended September 30, 2024, showcasing an 8.5% increase in revenue to £135.7 million. The company, which has been a key player in the island's energy sector for a century, reported a profit before tax of £15.1 million, a slight improvement from the previous year's £14.9 million.
The Board recommended a final dividend of 12.00p per share for the year, which is a 5.3% increase from the 2023 dividend. This, combined with the interim dividend, brings the total dividend for the year to 19.80p per share. The final dividend is payable on March 14, 2025, to shareholders registered as of February 21, 2025.
Despite the challenges of the ongoing Russia-Ukraine war and tensions in the Middle East affecting the energy market, Jersey Electricity maintained stable unit sales of electricity. The company's Energy Business delivered a Return on Assets of 7.3% for the year, aligning with the target performance on a rolling five-year basis.
In line with its commitment to sustainability and supporting Jersey's net-zero ambitions, Jersey Electricity has advanced its renewables strategy. The company initiated the Solar 5000 campaign, aiming to power 5,000 homes with solar energy by 2030, and is set to commission its first solar array at St. Clement in January 2025.
The company's centenary year was marked by reflection on its history of transformative decisions, from the establishment of the first power station to the laying of undersea cables to France. Phil Austin, Chair of Jersey Electricity, praised the staff's dedication and the bold decisions that have shaped the company's evolution.
Jersey Electricity's financial performance remains robust, with a healthy balance sheet supported by high-quality assets. The company's power procurement and hedging strategy have shielded it from the volatility of the wholesale energy market, where prices have soared in recent years.
The company's Energy Business reported an operating profit of £13.0 million, consistent with the previous year, despite tariff price increases and higher wholesale energy costs. Other business units, including building services and retail, continued to perform in line with expectations.
The company's net cash position improved to £19.2 million, up from £17.4 million the previous year. This increase was attributed to favorable working capital movements, offset by increased investment activities.
The Annual General Meeting for Jersey Electricity is scheduled for March 5, 2025, at the Powerhouse, Queen's Road, St. Helier, Jersey. This news article is based on a press release statement from Jersey Electricity PLC.
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