Jersey Electricity Company Limited
17 December 2001
THE JERSEY ELECTRICITY COMPANY LIMITED
Preliminary Announcement of Annual Results
for the year ended 30 September 2001
At a meeting of the Board of Directors held on 17 December 2001, the final
accounts for the Group for the period ended 30 September 2001 were approved,
details of which, together with comparative figures for 2000, are given in
the following table.
A final dividend of forty pence less income tax on the Ordinary and 'A'
Ordinary shares in respect of the period ended 30 September 2001 was
recommended which, together with the interim dividend of thirty five pence,
makes a total dividend of seventy five pence for the period (2000 70 pence)
on each £1 share.
The dividend will be paid on 28 March 2002 to those shareholders registered
in the books of the company on 01 March 2002. A participating dividend on the
5% cumulative participating preference shares of 11/2% (2000 11/2%) payable
on the 01 July 2002 was also recommended.
The Annual General Meeting of the company will be held on 11 March 2002.
Direct Tel No: 01534 505253
Direct Fax No: 01534 505553
17 December 2001
The Powerhouse, PO Box 45, Queens Road, St Helier, Jersey JE4 8NY
JERSEY ELECTRICITY COMPANY LIMITED
Summary of Financial Results
Period 1 October 2000 Period 1 October 1999
to 30 September 2001 to 30 September 2000
Turnover 60,355 55,293
Group Operating Profit 5,020 3,437
Net Profit before 3,822 3,905
Income Tax 281 175
Deferred Tax 1,109 1,064
Net Profit after 2,432 2,666
Earnings per Share £1.58 £1.73
Ordinary & A
Interim Dividend 35p 428,960 32p 392,192
Proposed Final 40p 490,240 38p 465,728
75p 919,200 70p 857,920
Dividend Paid 5p 4,000 5p 4,000
Proposed 1.5p 1,200 1.5p 1,200
6.5p 5,200 6.5p 5,200
Dividend Paid 3.5p 3,773 3.5p 3,773
TOTAL ABSORBED 928,173 866,893
JERSEY ELECTRICITY GROUP
RESULTS FOR YEAR ENDING 30TH SEPTEMBER, 2001
Group turnover rose 9% to £60.4M and operating profit increased 46% to £5M.
Growth in electricity sales was strong, despite mild weather conditions and
the Group's Consultancy and Contracting businesses led good profit
performances from all its non-electricity enterprises, with the exception of
Net profits were reduced by losses at the telecommunications company Newtel,
in which the Group's controlling interest was relinquished during the year to
make way for new investors, ahead of liberalisation of the Channel Islands'
telecommunications markets in 2002. Start-up losses were lower than expected
at the Group's joint venture Foreshore, which began trading from its primary
Internet Data Centre in the third quarter.
The impact of deferred tax liabilities assumed on the adoption of Financial
Reporting Standard 17 increased the Group tax charge by £1.1M leading to a
further reduced profit after tax of £2.4M, which compared with last year's
restated post-tax profit of £2.7M. Earnings per share declined 9% to £1.58.