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Jersey Electricity (JEL)

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Monday 21 May, 2001

Jersey Electricity

Interim Results

Jersey Electricity Company Limited
21 May 2001



                    THE JERSEY ELECTRICITY COMPANY LIMITED 

                 Preliminary Announcement of Interim Results 

                   for the six months ended 31st March 2001 
 
At a meeting of the Board of Directors held on 21 May 2001, an interim
dividend of thirty five pence less income tax (2000, 32p) on the Ordinary and
'A' Ordinary share capital absorbing £428,960 (2000, £392,192) was declared
in respect of the period ended 30 September 2001. The dividend will be paid
on 31 August 2001 to those shareholders registered in the books of the
company on 17 August 2001. 
 
Unaudited particulars of the results for the Group for the six months ended
31st March 2001 are given in the following table. Interim Accounts will be
sent to all shareholders in due course and copies will be made available to
the public at the Company's registered office, Queens Road, St Helier,
Jersey, JE4 8NY. 
 
 
 
 
P.J. ROUTIER 
COMPANY SECRETARY 

Direct Tel No: 01534 505253 
Direct Fax No: 01534 505553 
email: proutier@jec.co.uk 
 
21 May 2001 
 

                                                            
                    THE JERSEY ELECTRICITY COMPANY LIMITED  
                                                         
                         SUMMARY OF FINANCIAL RESULTS  
 
                                                                              
                        6 months ended    6 months ended      12 months ended 
                         31 March 2001     31 March 2000    30 September 2000 
                                                                              
  Gross Revenue            £30,045,000       £26,577,000          £54,566,000 
                                                                              
                                                                              
  Net Profit before         £1,356,000        £1,003,000           £3,258,000 
  Interest and                                                                
  Taxation                                                                    
                                                                              
  Net Interest               -£182,000          £337,000             £322,000 
  (£4,000 less                                                                  
  £186,000)                                                                   
                                                                              
                                                                              
  Net Profit before         £1,174,000        £1,340,000           £3,580,000 
  Taxation                                                                    
                                                                              
  Income Tax                   £18,000           £91,000             £175,000 
  (estimated)                                                                 
                                                                              
                                                                              
  Net Profit after          £1,156,000        £1,249,000           £3,405,000 
  Taxation                                                                    
                                                                              
  Minority Interest           £256,000          £267,000             £325,000 
                                                                              
                                                                              
  Net Profit after          £1,412,000        £1,516,000           £3,730,000 
  Taxation and                                                                
  Minority Interest                                                           
                                                                              
                                                                              
  Earnings per Share             £0.92             £0.99                £2.43 



                              CHAIRMAN'S STATEMENT 

Company first-half profits recovered to £2.6M, (previous first-half £1.8M)
strengthened by reduced vulnerability to oil costs following completion of
the Channel Islands Electricity Grid and buoyant electricity sales, despite
mild Winter weather.

The Building Services Contracting business returned to good profit and
earnings from Jersey Energy and Jersey Deep Freeze maintained strong growth.

Profits in Group consolidated accounts were reduced by the prudent treatment
of losses and goodwill at the telecommunications company, Newtel, in view of
continuing delays and uncertainty surrounding the liberalisation of the
telecoms market in Jersey.

D.R. MALTWOOD 
Chaiman