REG - Jersey Electricity - Annual Financial Report
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RNS Number : 6552L Jersey Electricity PLC 16 December 2025
JERSEY ELECTRICITY Plc
Financial Results Summary
Year Ended 30 September 2025
At a meeting of the Board of Directors held on 15 December 2025, the final
accounts for the year ended 30 September 2025 were approved and have been
published on our website (www.jec.co.uk).
The financial information set out in this summary does not constitute the
statutory accounts for the year ended 30 September 2025, or 2024, but is
derived from those accounts. Statutory accounts for 2024 have been delivered
to the Jersey Registrar of Companies, and those for 2025 will be delivered in
early 2026. The auditor reported on the accounts for both years and their
reports were unmodified.
A final dividend of 12.60p on the Ordinary and 'A' Ordinary shares in respect
of the year ended 30 September 2025 was recommended (2024: 12.00p). Together
with the interim dividend of 8.82p (2024: 8.40p) the total dividend declared
for the year was 20.82p on each share (2024: 19.80p).
The final dividend will be paid on 13 March 2026 to those shareholders
registered on 20 February 2026. A dividend on the 5% cumulative participating
preference shares of 1.5% (2024: 1.5%) payable on 1 July 2026 was also
recommended.
The Annual General Meeting will be held on 5 March 2026 at 2.00 pm at the
Powerhouse, Queen's Road, St. Helier, Jersey.
Chris
Ambler
Chief Executive
Officer
Enquiries:
Non Owen, Company Secretary
Nowen@jec.co.uk (mailto:Nowen@jec.co.uk)
Tel: 01534 505386
15 December 2025
The Powerhouse
PO Box 45
Queens Road
St. Helier
Jersey JE4 8NY
JERSEY ELECTRICITY plc
Financial Results Summary
Year ended 30 September 2025
The Chair, Phil Austin, comments:
Performance
The Group delivered a solid performance in 2025, underpinned by disciplined
management and continued investment. The easing of wholesale electricity
markets provided some relief, and we welcome a period of relative stability in
wholesale energy prices after several years of severe volatility.
Revenue increased to £146.2m, up 8% on the prior year, driven by steady unit
sales growth and the continued transition to electric heating and transport.
Profit before tax was £14.2m, lower than the previous year primarily due to
the revaluation of the property portfolio and a one-off past service pension
liability.
Our Energy business achieved a 6.4% return on assets, maintaining robust
performance on a five-year rolling basis. Other divisions performed in line
with expectations.
We remain well positioned for the future, with a strong balance sheet, clear
strategic direction and demonstrable progress against our long-term
objectives. The current pricing structure continues to offer good value and
stability for customers while supporting the investment required to deliver
Jersey's energy transition.
The Board has recommended a final dividend of 20.82p per share, an increase of
5% on the previous year, payable on 13 March 2026. This reflects our solid
financial position and ongoing commitment to sustaining shareholder value,
while investing at record levels in Jersey's energy future.
As we look ahead, our focus remains clear: to lead Jersey's transition to a
net zero future with responsibility, foresight and purpose. We are building
not only an energy system, but a legacy of reliability and sustainability for
our Island.
Supply Security and resilience
Jersey Electricity will formally adopt an enhanced Security of Supply Standard
by summer 2028. Work is underway to build further security in the network,
reflecting the Island's increased reliance on electricity as its primary
energy source.
Jersey Electricity's positive record of supply security continues with an
industry-leading customer minutes lost score, although we narrowly missed our
target due to planned isolations required as part of major works. Maintaining
secure electricity supplies is paramount to supporting Jersey's economy and
encouraging customers to switch to electric heating and transport.
The £30m La Collette Resilience Programme has made significant strides,
safely demolishing the 50-year-old steam turbines and associated
infrastructure. The next stage is to run a tender process for new generators
which would provide an additional 50 MW of on-Island fast start backup
generating capacity.
Setting the foundations for the electricity network of the future is driving
our largest ever investment into the network, known as The Big Upgrade. This
£120m investment over five years will ensure we can meet the forecasted 25%
increase in peak demand to achieve the Island's net zero target, while
providing customers with the flexibility to access the power they need. Our
innovative use of smart metering data has enabled us to identify parts of our
infrastructure that are capacity constrained and ensure we deploy capital in
the most targeted and efficient way.
Working with Guernsey Electricity as part of our Channel Islands Electricity
Grid partnership, we're advancing the replacement of Jersey's oldest subsea
cable. This project began at the end of 2024, and we have made good progress
defining our technical requirements and planning for consent in both Jersey
and France, and have moved well into the tendering process.
Long Term Green, Clean Energy
Jersey currently imports around 94% of its electricity from France through a
supply contract with EDF. Our current contract expires at the end of 2027 and
we are pleased to report good progress in negotiations. While there will be
some structural changes to the new contract, we are confident it will provide
the framework for us to continue to deliver competitively priced power and
good outcomes for our customers. Meanwhile, we are well placed with our
current hedged position, which remains in place until our incumbent contract
expires.
Our strategy to import competitively priced low-carbon power from nuclear and
certified hydro-electric sources, while diversifying our energy mix with
locally sourced renewable power, continues to serve the Island well. It has
resulted in a market-leading average carbon intensity of distributed energy,
and highlights a major advantage of electricity as the Island's predominant
energy source.
Customers report that pricing is one of the most important attributes of our
service, and we are proud to have successfully sheltered them from significant
increases over recent years, when European wholesale markets have spiked
upwards. While prices elsewhere have eased, electricity is still substantially
cheaper in Jersey than in many countries in Europe.
Fuel switching momentum built towards the end of the financial year, as we
refocused our efforts to ensure we meet customers' needs and have the right
low-carbon technologies in place for the long term.
Our 'heat pump first' approach combined with government incentives drove
strong levels of domestic fuel switches and we saw our strongest set of heat
pump sales, suggesting a shift in consumer sentiment. We continue to partner
with Government to support policy outcomes and provide administration services
for their Carbon Neutral Roadmap initiatives.
The commercial sector has delivered particularly encouraging results - well
ahead of historic performance - concluding in our most positive year in a
decade for switches outside of the post-covid high.
Further investment in our sustainable transport strategy has supported the
adoption of electric vehicles (EV) and ensures we prepare the Evolve public
charging network for future flexibility and resilience. We invested in
upgrades at several strategic locations to provide more rapid charging
options, and installed new ultra-rapid chargers in Gorey and St Aubin. We have
also made progress with the next generation of home-charging technology.
In Conclusion
2025 has been a defining year for Jersey Electricity, one that demonstrates
how disciplined investment, sound management and responsible innovation can
deliver resilience and progress. We have strengthened our foundations,
advanced key strategic projects and maintained strong financial performance
while upholding our responsibilities to customers, shareholders and the
community. As we look ahead to FY26 and beyond, the Board remains confident in
the Company's direction and its ability to lead Jersey's energy transition
with responsibility, foresight and purpose.
Financial Performance
Financial Highlights 2025 2024
Revenue £146.2m £135.7m
Profit before tax £14.2m £15.1m
Earnings per share 35.90p 37.92p
Dividend paid per share 20.82p 19.80p
Final proposed dividend per share 12.60p 12.00p
Net cash £8.7m £19.2m
In Year Return on Assets 7.4% 7.3%
Return on Assets - 5 year rolling 6.4% 6.3%
Group revenue
Group revenue for the year ended 30 September 2025 was £146.2m (FY24:
£135.7m), an increase of 7.7% on the prior year. This growth was primarily
driven by a stronger performance in our Energy business, where revenue rose to
£118.4m (FY24: £108.1m), reflecting the tariff adjustments implemented in
January 2025, fuel switching and increased customer demand following a
colder-than-average winter. The overall economic landscape for our non-energy
businesses remained challenging. Revenue in the Powerhouse retail business
increased by approximately 1.7% to £18.1m (FY24: £17.9m), reflecting modest
growth as inflationary pressures continued to influence consumer spending and
operating costs. Property revenue increased by £0.3m to £3.3m (FY24:
£3.0m), driven by the letting of additional commercial space at the
Powerhouse site and near full occupancy of our residential portfolio by
year-end. Revenue from JEBS, our building services business, was £4.7m (FY24:
£4.8m). Other business segments collectively reported a small operating loss
of £0.2m on revenue of £3.6m (FY24: £3.8m), reflecting ongoing technology
investment and lower-than-anticipated sales during the period.
Energy Business
The Energy business delivered a robust performance during the year, with
revenue of £118.4m (FY24: £108.2m) and profit before tax of £12.7m (FY24:
£13.0m). The year-on-year improvement reflected the January 2025 tariff
adjustment, higher customer demand during the colder winter period, and
continued efficiency gains. These factors contributed to a return on assets
employed within the Group's long-term target range of 6 to 7% on a rolling
five-year basis. Electricity unit sales increased slightly year on year to 616
million kWh (FY24: 609 million kWh). The Group continued to source the
majority of its electricity from low-carbon imports, with approximately 93.7%
supplied from France, 5.3% from Jersey's Energy from Waste plant, and 1.1%
generated locally through oil-fired and solar generation.
Property
The Property division reported a profit, excluding investment property
revaluation movements, of £1.3m (FY24: £0.9m). The value of the Group's
property portfolio decreased by £0.9m to £25.8m, reflecting broader
conditions in the local property market.
Powerhouse
The Powerhouse retail business reported a profit of £0.3m (FY24: £0.6m),
reflecting higher allocations of Group technology-related costs and continued
investment in key transformation projects. During the year, the business
enhanced its showroom offering to support growth in electric bike sales and
improve the overall customer experience, while also expanding its capabilities
through the establishment of an in-house appliance servicing operation.
JEBS
JEBS, the Group's building services division, recorded a break-even result of
£nil (FY24: £0.2m). Performance was affected by the one-off realignment of
annual leave entitlement for employees and weaker-than-expected results in
amenity lighting.
Other business units
Other business units - including Jersey Energy, Jendev, Jersey Deep Freeze and
fibre-optic lease rentals - reported a small combined loss, primarily due to
the reallocation of internal costs.
Net interest Costs
Net interest costs for the year were £0.3m (FY24: £0.8m), reflecting the net
balance between interest income on deposits and the cost of long-term
borrowings. The taxation charge was £3.1m (FY24: £3.4m), consistent with the
underlying profit performance.
Earnings per Share and Dividends
Basic and diluted earnings per share were 35.90p (FY24: 37.92p). Dividends
paid during the year, net of tax, totalled 20.82p (FY24: 19.80p). The proposed
final dividend of 12.60p (FY24: 12.00p) represents a 5% increase on the prior
year, maintaining a dividend cover of 1.7 times (FY24: 1.9 times).
Cash flow and Liquidity
Net cash at the year end was £8.7m (FY24: £19.2m), comprising £30.0m of
borrowings offset by £38.7m of cash and cash equivalents. The £10.5m
reduction in net cash during the year primarily reflects increased capital
investment to support the delivery of the Group's strategic infrastructure and
technology programmes.
2025 2024
£000 £000
Consolidated Income Statement for the year ended 30 September 2025
Revenue 146,196 135,742
Cost of sales (92,731) (83,184)
Rebate of past energy costs - non recurring item - -
Gross profit 53,465 52,558
Movement in valuation of investment properties (895) (890)
Operating expenses (38,688) (37,299)
Group operating profit 13,882 14,369
Finance income 1,883 2,291
Finance costs (1,575) (1,533)
Profit from operations before taxation 14,190 15,127
Taxation (3,126) (3,427)
Profit from operations after taxation 11,064 11,700
Attributable to: 11,000 11,618
Owners of the Company
Non-controlling interests 64 82
11,064 11,700
Earnings per share - basic and diluted 35.90p 37.92p
Consolidated Statement of Comprehensive Income for the year ended 30 September 2025 2024
2025
£000 £000
Profit for the year 11,064 11,700
Items that will not be reclassified subsequently to profit or loss: 1,049 925
Actuarial gain/loss on defined benefit scheme
Income tax relating to items not reclassified (210) (185)
839 740
Items that may be reclassified subsequently to profit or loss: 4,667 (3,483)
Fair value loss on cash flow hedges
Income tax relating to items that may be reclassified (933) 697
3,734 (2,786)
Total comprehensive income for the year 15,637 9,654
15,573 9,572
Attributable to:
Owners of the Company
Non-controlling interests 64 82
15,637 9,654
All results in the year have been derived from continuing operations
Consolidated Balance Sheet as at 30 September 2025
2025 2024
£000 £000
Non-current assets 227 364
Intangible assets
Property, plant and equipment 243,398 225,523
Right of use assets 5,302 4,621
Investment properties 25,830 26,725
Trade and other receivables 300 300
Retirement benefit asset 27,262 27,952
Derivative financial instruments 636 -
Other investments 5 5
Total non-current assets 302,960 285,490
Current assets 7,916 8,435
Inventories
Trade and other receivables 25,172 24,902
Derivative financial instruments 550 -
Cash and cash equivalents 38,690 49,190
Total current assets 72,328 82,527
Total assets 375,288 368,017
Current Liabilities 22,207 23,027
Trade and other payables
Current tax liabilities 2,904 3,413
Lease liabilities 339 306
Derivative financial instruments 571 2,601
Total current liabilities 26,021 29,347
Net current assets 46,307 53,180
Non-current liabilities 28,322 27,222
Trade and other payables
Lease liabilities 4,278 3,878
Derivative financial instruments - 1,451
Financial liabilities - preference shares 235 235
Borrowings 30,000 30,000
Deferred tax liabilities 32,285 30,923
Total non-current liabilities 95,120 93,709
Total liabilities 121,141 123,056
Net assets 254,147 244,961
Equity 1,532 1,532
Share capital
Revaluation reserve 5,270 5,270
ESOP reserve (37) (35)
Other reserves 493 (3,241)
Retained earnings 246,881 241,391
Equity attributable to the owners of the Company 254,109 244,917
Non-controlling interests 38 44
Total equity 254,147 244,961
Consolidated Statement of Changes in Equity for the year ended 30 September 2025
Share Capital Revaluation ESOP Other Retained Total
reserve reserve reserves* earnings
£000 £000 £000 £000 £000 £000
At 1 October 1,532 5,270 (35) (3,241) 241,391 244,917
2024
Total recognised income and expense for the year - - - - 11,000 11,000
Movement on share option scheme - - (2) - - (2)
Movement on hedges (net of tax) - - - 3,734 - 3,734
Actuarial gain on defined benefit scheme (net of tax) - - - - 839 839
Equity dividends - - - - (6,379) (6,379)
At 30 September 1,532 5,270 (37) 493 246,851 254,109
2025
At 1 October 1,532 5,270 (35) (455) 235,100 241,412
2023
Total recognised income and expense for the year - - - - 11,618 11,618
Amortisation of employee share option scheme - - - - - -
Movement on hedges (net of tax) - - - (2,786) - (2,786)
Actuarial loss on defined benefit scheme (net of tax) - - - - 740 740
Equity dividends - - - - (6,067) (6,067)
At 30 September 2024 1,532 5,270 (35) (3,241) 241,391 244,917
*'Other reserves' represents the foreign currency hedging reserve.
Consolidated Statement of Cash Flows for the year ended 30 September 2025
2025 2024
£000 £000
Cash flows from operating activities 13,882 14,369
Operating profit
Depreciation, amortisation and impairment charges 11,821 14,181
Share-based reward charges (2) -
Loss on revaluation of investment property 895 890
Pension operating charge less contributions paid 1,739 (1,481)
Deemed interest income from hire purchase arrangements 244 201
Loss/(profit) on sale of property, plant and equipment (76) 1
Operating cash flows before movement in working capital 28,503 28,161
Working capital adjustments:
Decrease/(Increase) in inventories 548 752
Increase in trade and other receivables (269) (1,133)
Increase/(Decrease) in trade and other payables 1,304 1,130
Net movement in working capital 1,583 749
Interest paid on borrowings (1,363) (1,208)
Preference dividends paid (9) (9)
Income taxes paid (3,415) (3,301)
Net cash flows from operating activities 25,299 24,392
Cash flows from investing activities (30,280) (18,036)
Purchase of property, plant and equipment
Investment in intangible assets (280) (53)
Deposit interest received 1,607 2,090
Net proceeds from disposal of fixed assets 125 34
Net cash flows used in investing activities (28,828) (15,965)
Cash flows from financing activities (6,379) (6,067)
Equity dividends paid
Dividends paid to non-controlling interest (70) (170)
Repayment of lease liabilities (522) (429)
Net cash flows used in financing activities (6,971) (6,666)
Net increase in cash and cash equivalents (10,500) 1,761
Cash and cash equivalents at the beginning of the year 49,190 47,429
Effect of foreign exchange rate changes - -
Cash and cash equivalents at the end of the year 38,690 49,190
IAS 7 'Statement of Cash Flows' requires the explanation of both cash and
non-cash movements in assets and liabilities relating to financing activities.
See notes 7 and 15. Of the £38.7m cash and cash equivalents at 30 September
2025, £28m (2024: £35.0m) is on fixed term deposits with an average of 116
days remaining (2024: 93 days).
Notes to the accounts
Year ended 30 September 2025
1. Basis of Preparation
The consolidated financial statements of Jersey Electricity plc, for the year
ended 30 September 2025, have been prepared in accordance with International
Financial Reporting Standards (IFRS) as adopted by the European Union (EU),
including International Accounting Standards and Interpretations issued by the
International Financial Reporting Interpretations Committee (IFRIC). This is
consistent with the accounting policies in the 30 September 2024 annual report
and accounts and the 31 March 2025 interim report.
While the financial information included in this summary announcement has been
prepared in accordance with the appropriate recognition and measurement
criteria, this announcement does not itself contain sufficient information to
comply with IFRS. Full financial statements that comply with IFRS have
additionally been published on our website; www.jec.co.uk.
The business segments below are those reported to the Directors for the
purposes of resource allocation and performance assessment:
2025 2025 2025 2024 2024 2024
External Internal Total External Internal Total
£000 £000 £000 £000 £000 £000
Revenue
Energy - arising during the course of ordinary business 118,383 99 118,482 108,102 100 108,202
Building Services 3,767 966 4,733 3,872 936 4,808
Retail 18,076 46 18,122 17,767 110 17,877
Property 2,463 837 3,300 2,346 639 2,985
Other* 3,507 54 3,561 3,655 112 3,767
146,196 2,002 148,198 135,742 1,897 137,639
Intergroup elimination (2,002) (1,897)
Revenue 146,196 135,742
12,731 13,020
Operating profit
Energy profit before rebate of past energy costs**
Rebate of past energy costs - -
Energy profit including rebate 12,731 13,020
Building Services - 248
Retail 257 618
Property 1,342 931
Other* 447 442
14,777 15,259
Revaluation of investment properties (895) (890)
Operating profit 13,882 14,369
Finance income 1,883 2,291
Finance costs (1,575) (1,533)
Profit from operations before taxation 14,190 15,127
Taxation (3,126) (3,427)
Profit from operations after taxation 11,064 11,700
Attributable to:
Owners of the Company 11,000 11,618
Non-controlling interests 64 82
11,064 11,700
*The Other segment includes the divisions of Jersey Energy and Jendev,
operating profit from IRU contracts as well as Jersey Deep Freeze Limited, the
Group's sole subsidiary.
Materially, all the Group's operations are conducted within the Channel
Islands. All transfers between divisions are on an arms‑length basis.
Revaluation of investment properties is shown separately from Property
operating profit.
Revenues disclosed by the business segments above are recognised both on a
point in time and over time basis. The treatment of revenue recognition in
accordance with IFRS 15.
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