22nd May 2015 14:49
LONDON (Alliance News) - Jersey Electricity PLC Friday posted a rise in pretax profit for the first half of its financial year on higher revenue and lower cost of sales, and raised its interim dividend.
For the half year to end-March the company posted a pretax profit of GBP8.0 million, up from GBP3.1 million a year before, as revenue rose slightly to GBP55.8 million from GBP55.0 million, cost of sales fell GBP4.1 million due to the reduced use of oil for on-island generation in its Energy business, and exceptional costs did not recur.
In the previous year the company posted exceptional costs of GBP600,000 related to the restructuring of its retail operation and GBP1.1 million from selling its shareholding in its data hosting joint venture Foreshore.
In its Energy division unit sales of electricity rose 1%. Growth was hampered by mild weather, leading to reduced use of electricity. Revenue from the energy division rose 2% due to increased unit sales and a small rise in tarriffs in April 2014.
The Jersey-based electricity provider proposed an interim dividend of 5.25 pence, compared with 5.00 pence a year before.
Shares in Jersey Electricity are untraded Friday afternoon, it last closed at 415.00 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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