18th Dec 2015 08:18
LONDON (Alliance News) - Jersey Electricity PLC Friday proposed an increased final dividend for its recently ended financial year, as it saw pretax profit rise in what it called an "exceptionally good year" for the company.
For the year to end-September the Jersey-based electricity provider reported a pretax profit of GBP13.2 million, up from GBP6.5 million a year before, as revenue rose to GBP100.5 million from GBP98.4 million, and around GBP2.6 million in exceptional costs did not recur.
Unit sales volumes of electricity increase 1% compared to the previous year, and Energy revenue rose 1.6%. This offset a decline in its retail business Powerhouse.je, as the floor space used by the business was reduced following the leasing of floor space to a new external tenant from May 2014.
Jersey Electricity proposed a final dividend of 7.60 pence, taking its total dividend for the year to 12.85 pence, up from 12.20 pence a year before.
"Profitability, supply reliability and carbon intensity have all showed marked improvement when compared with the last three years and this has been achieved whilst maintaining prices which continue to be competitive with international benchmarks," said Chairman Geoffrey Grim in a statement.
Shares in Jersey Electricity were untraded Friday morning. They last closed at 449.25 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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