(Alliance News) - Jersey Electricity PLC on Friday raised its payout to shareholders as reported increased annual revenue but lower profit due to one-off costs.
For the financial year ended September 30, revenue increased 3.5% to GBP110.3 million from GBP106.6 million in financial 2018. Within total revenue, energy revenue rose 5.2% to GBP86.6 million from GBP82.3 million.
However, pretax profit fell 3.3% to GBP14.8 million from GBP15.3 million the year before.
This was largely due to lower profit in Jersey Electricity's core energy business, down 8.2% to GBP12.3 million from GBP13.4 million. Despite the higher revenue, energy division profit was hurt by rising wholesale prices, foreign exchange movements, and a one-off non-cash pension cost of GBP1.1 million.
Jersey Electricity also has a property, retail and business services divisions.
The company proposed a final dividend of 9.25 pence per share, up 5.1% from 8.80 pence in the prior year. This resulted in a full-year dividend of 15.70p, up 5.4% from 14.90p.
Shares in Jersey Electricity were up 0.4% at 456.00 pence per share on Friday afternoon in London.
Looking ahead, Chair Phil Austin said: "Climate change presents us with both challenges and opportunities for growing our share of the energy market. To adapt to this changing landscape, we have reset our vision to inspire a zero-carbon future."
"The electricity we supply is not only virtually completely decarbonised but one third of our imports is already from certificated renewable sources. This year we have invested in local renewables and brought solar PV on to the grid. Our core objective remains to provide secure, affordable and sustainable electricity now and long into the future".
By Ife Taiwo; ifetaiwo@alliancenews.com
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Jersey Electricity (JEL)