17th May 2019 10:37
LONDON (Alliance News) - Jersey Electricity PLC on Friday said its revenue and profit in the first half of its current financial year declined due to the non-repeat of a significant project.
The sole provider for electricity in Jersey said pretax profit in the six months to the end of March fell by 4.1% to GBP9.3 million from GBP9.7 million reported for the same period a year earlier, as revenue declined by 1.3% to GBP59.7 million from GBP60.5 million.
The total revenue was hurt by a GBP1.3 million decrease in revenue in JEBS to GBP1.6 million, the company's contracting and business services unit, due to the non-repeat of one "particularly large" project took place during the previous financial year. Meanwhile, revenue in the Energy business was broadly similar to last year. Year-on-year revenue in the company's Powerhouse retail division rose by 3% to GBP8.1 million.
Jersey Electricity increased its interim payout to 6.45 pence from 6.10p paid the year prior.
Unit sales of electricity fell by 3% to 357 million from 368 million kilowatt hour.
Looking forward, Jersey Electricity said it will continue delivering secure low-carbon electricity supplies to maintain relative stability in customer tariffs, despite volatility in both European wholesale electricity, and foreign exchange markets.
Jersey Electricity shares were trading 1.7% lower on Friday at 450.20p each.
Related Shares:
Jersey Electricity