21st May 2018 10:46
LONDON (Alliance News) - Jersey Electricity PLC said Monday its revenue and profit both increased in the first half of its financial year.
For the six months to March 31, Jersey Electricity posted a pretax profit of GBP9.7 million up from GBP8.9 million the year before. The company's revenue increased 4.0% to GBP60.5 million from GBP58.0 million the previous year.
The revenue increase comes from GBP1.0 million in higher unit sales of electricity as electricity sales increased 2.0% to 368,200 kilowatt hours from 361,123 kilowatt hours. Its Powerhouse.je retail business increased its revenue by 11% to GBP7.9 million from GBP7.1 million.
The increased sales are due to a cold second quarter where demand hit a record 178 megawatts at the beginning of March during an "unseasonal" minus three degrees centigrade. The previous record was 161 megawatts in 2012.
The electrical company said it is proposing an interim dividend of 6.1 pence per share, up from 5.8p the year before.
The company "continues to focus" on secure low-carbon electricity supplies and stable customer tariffs. It believes it can achieve this through its power purchase contract and hedging. It's electricity purchases are materially hedged until 2021.
Shares in Jersey Electricity were up 1.0% to 478.86p each Monday morning.
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