JERSEY – Jersey Electricity plc has announced its financial results for the year ended September 30, 2024, reporting an 8.5% increase in revenue to £135.7 million. The company, which has been a major player in the island’s energy sector for a century, recorded a profit before tax of £15.1 million, a slight improvement on the previous year’s £14.9 million.
The Board recommended a final dividend of 12.00p per share for the year, an increase of 5.3% 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 by February 21, 2025.
Despite the challenges of the Russia-Ukraine war and tensions in the Middle East impacting 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, which aligns with 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 stepped up its renewables strategy. The Company launched the Solar 5000 campaign, which aims 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 transformational decisions, from the establishment of the first power station to the laying of the undersea cable to France. Jersey Electricity Chairman Phil Austin praised the dedication of employees and the bold decisions that have shaped the Company’s growth.
Jersey Electricity’s financial performance remains strong, with a healthy balance sheet supported by high-quality assets. The Company’s power procurement and hedging strategy has protected it from the volatility of the wholesale energy market, where prices have skyrocketed in recent years.
Despite tariff price increases and higher wholesale energy costs, the Company’s energy business recorded an operating profit of £13.0 million, in line with the previous year. Other business units, including building services and retail, continued to perform in line with expectations.
The Company’s net cash position increased from £17.4 million in the previous year to £19.2 million. This increase was attributed to favourable working capital movements, offset by increased investment activities.
Jersey Electricity’s Annual General Meeting is scheduled for March 5, 2025 at the Powerhouse, Queen’s Road, St Helier, Jersey. This news article is based on a press release from Jersey Electricity plc.