Jersey Electricity reports an exceptionally good year with revenues for the period to the end of September rising to ã100.5m from ã98.4m.

Unit sales volumes of electricity were 1.0% higher than last year with energy revenues rising 1.6% to ã80.7m. Turnover in Powerhouse.je, the company's retail business, decreased by 3% from ã11.4m to ã11.1m as the floor space utilised by the business was reduced following the leasing of floor space to a new external tenant from May 2014.

Revenue in the property business rose from ã2.0m to ã2.1m linked to changes in tenancy arrangements during the last two financial years. Revenue from JEBS, our building services business, including internal sales, rose 18% from levels experienced in 2014 to ã5.0m.

Turnover from 'other businesses', including internal sales, remained at ã3.2m. Cost of sales fell by ã3.9m to ã64.6m associated mainly with a higher level of importation displacing oil purchases in our Energy business. Operating expenses, at ã22.0m, rose by ã1.9m from their 2014 level with a ã1.7m rise in depreciation, associated with our recent material infrastructure spend, being the main item. Profit before tax, pre-exceptional items, for the year to 30 September 2015, rose 24% to ã12.4m, from ã10.0m in 2014, reflecting a strong performance in our Energy business, and a recovery in our retail business, Powerhouse.je. Profit before tax post-exceptional items, rose from ã6.5m last year to ã13.2m in 2015 reflecting material one-off items.

Chairman Geoffrey Grime said: "2014/15 has been an exceptionally good year for Jersey Electricity. The completion of our Normandie 3 (N3) submarine cable to France at the end of the last financial year and the resultant first full year with our importation capacity restored to pre-2012 levels has transformed our business in several ways. 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."

The board also announced the appointment of Alan Bryce as a non-executive director. Bryce is a non-executive cirector of Scottish Water, chairman of the wind-farm developer Viking Energy Shetland, and an adviser in the utilities industry.






At 9:23am: (LON:JEL) Jersey Electricity Company The Ltd share price was +2.5p at 445p