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Jersey Electricity (JEL)

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Tuesday 21 May, 2002

Jersey Electricity

Interim Results

Jersey Electricity Company Limited
20 May 2002


                  Preliminary Announcement of Interim Results

                     for the six months ended 31 March 2002

At a meeting of the Board of Directors held on 20 May 2002, the Board approved
the Interim Accounts for the Group for the six months ended 31 March 2002 and
declared an interim dividend of thirty seven pence less income tax (2001, 35p)
on the Ordinary and 'A' Ordinary shares. The dividend will be paid on 30 August
2002 to those shareholders registered in the books of the company on 16 August

The Interim Accounts follow herewith and will be sent to all shareholders in due
course, following which, copies will be made available to the public at the
Company's registered office, Queens Road, St Helier, Jersey, JE4 8NY.


Direct Tel No: 01534 505253
Direct Fax No: 01534 505553
20 May 2002

                              Directors' Statement

Group profits of £2.8M for the first half were 11% higher than in the same
period last year.  Sustained growth in our share of the energy market
under-pinned a 2% increase in electricity sales, despite one of the warmest
winters on record. Cost savings associated with increased power importation
mitigated the impact on profits of our pledge to freeze electricity tariffs,
against a background of rising world oil prices.

The established trend of improved trading performance extended generally to our
non-core businesses with the exception of Building Services Contracting, where
profits expected in the first half were impacted by developers' delays in our
two largest projects.  Whilst orders remain strong for the second half, profits
from Contracting for the full year are expected to be modest compared with 2001.

The substantial growth achieved by our electrical retailing business last year
following its relocation to our 'Powerhouse' Retail and Technology park in St
Helier continued, with turnover up 20% and profit increased to £0.2M.  Property
income grew to £0.5M in the first half, reflecting increased rentals from our
Internet Data Centre.  Located within it, our joint venture company Foreshore
Limited performed better than budget, with our 50% share of start-up losses held
at £0.3M.  Losses at our associated telecommunications company Newtel Limited,
were significantly reduced despite continuing legislative delays to the opening
of the telecommunications market to competition, now expected at the end of

The cash-flow of the business has been carefully managed during the last six
months and the debt level has reduced from £10.4m at our last year end to £6.1m
at 31st March 2002.

Full year results will be particularly sensitive to weather related electricity
sales, which as we enter the second half have been less than expected. This
could further impact profitability in light of our decision to freeze
electricity tariffs for our customers, in an environment of continuing high cost
inflation in Jersey's economy.  Further to its policy to pay more of the annual
dividend at interim, your Board proposes to pay 37 pence per share (2001: 35
pence per share) on the Ordinary and 'A' Ordinary Shares.  This absorbs £453,472
(2001 : £428,960) in respect of the year ending 30th September 2002 payable on
30th August, 2002.

D. R. MALTWOOD            - Chairman
M. J. LISTON              - Managing Director

                            Consolidated Profit and Loss Account

                                                          6 months ended         6 months ended        12 months ended
                                                           31 March 2002          31 March 2001      30 September 2001
                                                                                    as restated            as restated
Electricity Sales (000's Units)                                  316,590                310,343                570,607 
                                                                    £000                   £000                   £000
Turnover: Group and share of joint venture                        32,738                 31,795                 60,787 
Less: Share of joint venture turnover                               (233)                   (83)                  (170)
Group turnover                                                    32,505                 31,712                 60,617 
Cost of sales                                                    (18,781)               (18,064)               (36,607)
Gross profit                                                      13,724                 13,648                 24,010 
Net operating expenses                                           (10,101)               (10,835)               (18,728)
Group operating profit                                             3,623                  2,813                  5,282 
Share of operating loss in joint venture                            (354)                  (357)                  (700)
Loss on disposal of subsidiary                                         -                      -                    (65)
Share of associate's operating loss                                 (258)                     -                   (238)
Interest payable and similar charges                                (175)                  (182)                  (485)
Profit on ordinary activities before taxation                      2,836                  2,274                  3,794 
Tax on profit on ordinary activities                                                
Current                                                             (601)                  (238)                  (333)
Deferred                                                            (154)                  (699)                (1,109)
Profit on ordinary activities after taxation                       2,081                  1,337                  2,352 
Minority Interests                                                   (20)                   256                    290 
Profit on ordinary activities after taxation                                                
and minority interest                                              2,061                  1,593                  2,642 
Dividends paid and proposed                                         (453)                  (429)                  (928)
Retained profit for the group and share                                                 
in joint venture                                                   1,608                  1,164                  1,714 
Earnings per ordinary share (basic and diluted)                    £1.34                  £1.03                  £1.72 

                                    Balance Sheet as at 31 March 2002

                                                  6 months ended      6 months ended    12 months ended
                                                   31 March 2002      31 March 2001    30 September 2001
                                                £000         £000     £000     £000     £000       £000
Fixed Assets                                                
Intangible Assets                                             202             1,803                 223 
Tangible Assets                                           119,804           119,641             122,536 
Investments:      Shares                                    1,103             2,225               1,103 
                  Share of associate's 
                  net assets                                  489                                   747 
                  Joint venture:                                                            
                  share of gross assets          601                   243               501       
                  share of gross liabilities    (258)                 (285)             (134)       
                                                              343               (42)                367 
                                                          121,941           123,627             124,976 
Current Assets                                11,795                12,453            14,200       
Current Liabilities                          (10,529)              (16,038)          (18,232)      
Net Current (Liabilities)/ Assets                           1,266            (3,585)             (4,032)
Total Assets Less Current Liabilities                     123,207           120,042             120,944 
Less Non-current Liabilities                              (13,636)          (15,064)            (13,005)
                                                          109,571           104,978             107,939 
CAPITAL AND RESERVES                                          
Called up Share Capital                                     1,767             1,767               1,767 
Reserves                                                  107,712           103,145             106,104 
Shareholders' Funds                                       109,479           104,912             107,871 
Minority Interests                                             92                66                  68 
                                                          109,571           104,978             107,939 

                                           Consolidated Cash Flow Statement

                                                            6 months ended   6 months ended     12 months ended
                                                             31 March 2002    31 March 2001   30 September 2001
                                                                      £000             £000                £000
        Reconciliation of operating profit to                                                                  
        net cash inflow from operating activities                                                              

        Group operating profit                                       3,623            2,813               5,282
        Depreciation charges                                         3,788            3,672               7,281
        Decrease/(increase) in stocks & work in progress             1,066             (56)               (651)
        Increase in debtors                                           (70)          (1,857)               (398)
        (Decrease)/increase in creditors                           (1,803)              367               (129)

        Net cash inflow from operating activities                    6,604            4,939              11,385

        Returns on investments and servicing of finance:             (175)            (182)               (485)
        Taxation                                                     (157)            (906)               (910)
        Capital Expenditure                                        (1,398)         (10,452)            (17,288)
        Dividends paid                                               (490)            (466)               (904)

        Increase/(decrease) in cash                                  4,384          (7,067)             (8,202)

        Reconciliation of net cash flow                                                                         

        Increase/(decrease) in cash                                  4,384          (7,067)             (8,202)
        Change in net funds                                          4,384          (7,067)             (8,202)
        Net debt - start of period                                (10,440)          (2,266)             (2,238)

        Net debt - end of period                                   (6,056)          (9,333)            (10,440)

  Notes to the accounts                                                                                               
  for the period ended 31 March 2002                                                                                  

  1              Basis of preparation                                                                                 

                 The interim accounts have been prepared on the basis of the 
                 accounting policies set out in the Group 2001 Annual Report and
  2              Segmental details                                                                                      
                                                                       Turnover            Profit/(loss) (before tax) 
                                                £ 000's    £ 000's       £ 000's          £ 000's   £ 000's    £ 000's
                                            6 months to   6 months  12 months to      6 months to         6         12
                                                                to                                   months  months to
                                           31 Mar 2002      31 Mar       30 Sept     31 Mar 2002     31 Mar    30 Sept
                                                             2001          2001                       2001       2001 
  Core Business                        1         22,743     22,443        42,054            2,802     3,060      5,108
  Building Services                               3,463      2,576         7,307            (171)       109        228
  Appliance Sales                                 3,619      3,010         5,654              156        38         85
  Other Businesses                     2          1,777      3,116         4,192            (373)     (894)    (1,903)
  Property Income                      3            903        567         1,410              473       299        703
  Interest Payable                                                                                                    
  Investment Income                                   -          -             -             (71)      (82)      (137)
                                                 32,505     31,712        60,617            2,816     2,530      4,084

          1      Core Business turnover & profit for the periods to 31 March and
                 30 September 2001 have been restated to take into account the 
                 change in treatment of unbilled units to match revenue with 
          2      Turnover and profit adjusting for minority interest. Losses 
                 included in associate and joint venture. 
          3      Property income for the periods to 31 March and 30 September 
                 2001 have been restated in turnover (previously shown as 

  3              Balance sheet                                                                                        

                 The results for the periods to 31 March and 30 September 2001 
                 have been restated to take into account the change in treatment
                 of unbilled units previously not accounted for until read.                       

                 The results for the period to 31 March 2001 have also been 
                 restated to take into account the Group's policy for accounting
                 for deferred tax to comply with Financial Reporting Standard 
                 19, and also for property income which has been restated in 
                 turnover, both adopted in the statements to 30 September 2001.     

                      This information is provided by RNS
            The company news service from the London Stock Exchange