14th May 2020 14:51
(Alliance News) - Jersey Electricity PLC reported modestly higher interim profit as both Energy and Retail division revenue climbed, but the utility is expecting Covid-19 to weigh on its second half.
The company, the sole supplier of electricity in Jersey, Channel Islands, said its pretax profit for the six months ended March 31 was GBP10.0 million, up 7.5% from GBP9.3 million.
This resulted from an 8.7% increase in revenue to GBP64.0 million from GBP58.9 million as Energy revenue increased by GBP3.3 million to GBP50.0 million, while Retail revenue increased by GBP1.1 million to GBP9.6 million.
Jersey Electricity proposed an interim dividend of 6.80 pence per share, up 5.4% from 6.45p per share a year before. Covid-19 is not currently anticipated to have any influence on the company's dividend payments, though this is under review.
"Our other business units generally had a strong first six months, but we expect there to be a consequential reduction in revenue in the second half of the year. For example, our Powerhouse Retail saw a spike in activity around the time of lockdown but closed its doors at the end of March and is now trading predominantly online. In our Property business, some tenants have sought flexibility in rental payments, and we have again considered each situation on a case-by-case basis. We will continue to closely monitor the impact of Covid-19 on our full business but our balance sheet, with cash balances and low levels of gearing, remains strong," said Jersey electricity.
Jersey Electricity added that has appointed Amanda Astall to its board as a non-executive director. Astall worked at Accenture, and its previously manifestation Andersen Consulting, for 27 years. She also has served in non-executive roles in defence and security for the UK government.
Shares in Jersey Electricity were up 1.8% at 460.20 pence in London on Thursday afternoon.
By Anna Farley; [email protected]
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