JE profits halve

PROFITS at the Island’s electricity supplier almost halved from £11.1million to £5.7million in the last financial year, according to figures issued to the London Stock Exchange last week.

JE chief executive Chris Ambler
JE chief executive Chris Ambler

PROFITS at the Island’s electricity supplier almost halved from £11.1million to £5.7million in the last financial year, according to figures issued to the London Stock Exchange last week.

Jersey Electricity, which is 62% owned by the States, described 2011/12 as a ‘challenging’ year in which it suffered multiple and costly equipment failures.

There was good news for taxpayers, however, as the States received £8.6 million in dividends and taxes, a six per cent rise from £8.1 million due to the increase in GST in June.

JE reported turnover of £97.2million, three per cent down on last year’s record of over £100 million while pre-tax profits fell 48% from £11.1million to £5.7million.

Most of the falls came from the energy division where profits dropped £3.5 million from £7.7 million to £4.2 million.

Comments for: "JE profits halve"

Lord Haw Haw

Uh oh. Profits down equals bills up!

Toots6

In view of this performance, presumably the CEO have his inflated salary halved?

Fed Up

LOL Toots6- salary halved you mean doubled.

Come on this what a great job he as done. Power cuts, increase in bills, he could be next Chief Minister if he puts his mind to it.

Bean and gone

THE STATE OF JERSEY?

What did they do with last years profits? It certainly wasn't spent on securing the infrastructure.

I wonder how many businesses would be satisfied with just making a profit in these times of economic hardship and how many in that luxurious situation would feel comfortable imposing double figure price increases? Not to mention the fact that the major share holder is a servant of the public.

Stop worrying about the accounts and show us some accountability!

No wonder the people of Jersey are losing faith in the States,themselves and each other.

Well past time to lead by example.

Monopoly

Typical monopoly, doesn't give a fig about it's customers.

Take,take,take.

About time EDF were let in, cut out the middle man.

Slawek

Of course, EDF is charity, and once it takes over the grid electricity will be free.

Warren J

Not sure what you mean - One minute, people want competition, whatever that is, then next, you want to cut out the middle man !

I had a British Gas bill land on my desk recently for the supply of electricity in Central London. British Gas do not generate electricity, they just invoice the usage.

On the reverse of the bill, the breakdown was as follows :-

41% - Cost of purchase of electricity from wholesaler

20% Government green taxes !!!!!

Cannot remember the rest of the charges, but basically, British Gas' profit was 4%

Clearly the UK system of having several suppliers competing for business, coupled by Green Taxes has the effect of increasing costs to the consumer