DJ Jersey Electricity PLC Half-year Report
Overall trading performance
Group revenue, at GBP57.0m, was 2% higher for the first half year of 2016 than the same period in 2015 with this rise coming from increased activity in the non-Energy business units. Profit before tax was GBP7.9m being marginally behind the equivalent period last year and remains at a level commensurate with a sustainable rate of return typical for a regulated utility and at a quantum needed to maintain our continued investment in infrastructure. Cost of sales increased by GBP0.9m to GBP36.6m due mainly to additional costs in the non-Energy business units associated with the aforementioned rise in revenue. Operating expenses at GBP11.9m were GBP0.4m above last year with an increase in depreciation charges and pension costs being the primary drivers. Earnings per share fell to 20.65p from 20.75p in 2015. Net debt on the balance sheet at 31 March 2016 was GBP21.1m (2015: GBP21.9m) but will rise in the second half driven by our continued investment in infrastructure assets in our Energy business.
Group revenue, at GBP57.0m, was 2% higher for the first half year of 2016 than the same period in 2015 with this rise coming from increased activity in the non-Energy business units. Profit before tax was GBP7.9m being marginally behind the equivalent period last year and remains at a level commensurate with a sustainable rate of return typical for a regulated utility and at a quantum needed to maintain our continued investment in infrastructure. Cost of sales increased by GBP0.9m to GBP36.6m due mainly to additional costs in the non-Energy business units associated with the aforementioned rise in revenue. Operating expenses at GBP11.9m were GBP0.4m above last year with an increase in depreciation charges and pension costs being the primary drivers. Earnings per share fell to 20.65p from 20.75p in 2015. Net debt on the balance sheet at 31 March 2016 was GBP21.1m (2015: GBP21.9m) but will rise in the second half driven by our continued investment in infrastructure assets in our Energy business.