Jersey Electric first-half profit falls

Jersey Electric's profit fell in the first half as energy sales declined at the energy company.

Pre-tax profit for the six months to the end of March fell to £9.3m from £9.7m as revenue declined to £59.7m from £60.5m.

The company said profit was lower mainly because of reduced energy profits caused by lower sales. Unit sales of electricity fell 3% to 357kWh.

The company, Jersey's main energy supplier, said it continued to monitor risks from Brexit, which has caused uncertainty for the island. It has hedged against foreign exchange risk and extended its supply arrangements with France's EDF to the end of 2027 to prepare.

Net debt has fallen to £12.1m from £14.3m at the end of September. The interim dividend increased to 6.45p a share from 6.10p a share.