TIDMJEL

RNS Number : 7703Z

Jersey Electricity PLC

17 May 2023

Jersey Electricity plc

Interim Report

for the six months ended 31

March 2023

The Board approved at a meeting on 17 May 2023 the Interim Management Report for the six months ended 31 March 2023 and declared an interim dividend of 8.00p compared to 7.60p for 2022. The dividend will be paid on 20 June 2023 to those shareholders registered in the records of the Company at the close of business on 2 June 2023.

The Interim Management Report is attached and will be available to the public on the Company's website www.jec.co.uk/investors .

The Interim Management Report for 2023 has not been audited, or reviewed, by our external auditors, nor have the results for the equivalent period in 2022. The results for the year ended 30 September 2022 were extracted from the statutory accounts. The auditor has reported on those accounts and their report was unmodified.

M.P. Magee

A. Welsby

Finance Director

Company Secretary

Direct telephone number: 01534 505201

Direct telephone number: 01534 505250

Email: mmagee@jec.co.uk

Email: awelsby@jec.co.uk

17 May 2023

The Powerhouse,

PO Box 45,

Queens Road,

St Helier,

Jersey JE4 8NY

Directors' Statement

Financial Summary

 
                                                                                                                                                                                                      6 months                                                                                             6 months 
                                                                                                                                                                                                          2023                                                                                                 2022 
=======================================================================================================  =====================================================================================================  =================================================================================================== 
                                                                                           Electricity 
                                                                                            Sales in 
                                                                                            kWh                                                                                                         355.7m                                                                                               359.4m 
=======================================================================================================  =====================================================================================================  =================================================================================================== 
                                                                                           Revenue                                                                                                    GBP69.4m                                                                                             GBP65.0m 
=======================================================================================================  =====================================================================================================  =================================================================================================== 
                                                                                           Profit                                                                                                    *GBP10.3m                                                                                              GBP7.0m 
                                                                                            before tax 
=======================================================================================================  =====================================================================================================  =================================================================================================== 
                                                                                           Earnings per                                                                                                 26.23p                                                                                               17.78p 
                                                                                            share 
=======================================================================================================  =====================================================================================================  =================================================================================================== 
                                                                                           Final                                                                                                        10.80p                                                                                               10.20p 
                                                                                            dividend 
                                                                                            paid per 
                                                                                            ordinary 
                                                                                            share 
=======================================================================================================  =====================================================================================================  =================================================================================================== 
                                                                                           Proposed                                                                                                      8.00p                                                                                                7.60p 
                                                                                            interim 
                                                                                            dividend 
                                                                                            per 
                                                                                            ordinary 
                                                                                            share 
=======================================================================================================  =====================================================================================================  =================================================================================================== 
 

* The underlying profit for 2023 was GBP8.1m when the rebate from RTE and ex-gratia award for pensions in service are excluded, as described in the narrative below.

Energy - turmoil in markets

In our 2022 Annual Report we highlighted that the turmoil that beset energy markets had intensified further due to the conflict between Russia and Ukraine, and that Jersey Electricity was not immune to those challenges. However, despite those challenges we have shown resilience, and largely protected our customers from the material rise in retail prices seen elsewhere, without the need for any Government intervention/subsidy. We continue to monitor developments on both volatility, and security of supply, in energy markets. Europe experienced relatively benign weather over the winter, relatively good production from the French nuclear fleet, and much lower gas usage in the EU industrial sector which, when combined, have resulted in healthier than expected gas storage levels. There are however sensitivities, such as the lack of snow and rain in the last 6 months impacting predictions for the availability of hydro power during the remainder of this year. This, combined with the uncertain timing of a resolution to the Ukraine conflict, mean volatility in European energy markets looks set to continue. We have strong relationships with our French partners, EDF (as supplier) and RTE (as network operator) that span nearly 40 years and the Company benefits from legal and contractual arrangements which cover imported electricity supplies to the end of 2027.

Hedging of electricity and foreign exchange, and customer tariffs

We continue to focus on delivering secure, low-carbon electricity supplies and our goal is to maintain relative stability in customer tariffs, despite volatility in both European wholesale electricity and foreign exchange markets. This is however extremely challenging in the current climate. Our electricity purchases are materially, but not fully, price capped for the calendar years 2023 and 2024. We also have around one third of our expected 2025-27 requirements hedged at largely fixed prices. As these are contractually denominated in the Euro, we also enter into forward foreign currency contracts, on a three-year rolling basis, to reduce the volatility of our cost base, and to aid tariff planning. In January 2023 we implemented a 5% rise in customer tariffs and do not anticipate further rises during the remainder of 2023. However, we are planning forward, and considering options for 2024 and beyond, as we come out of our current advantageous hedged position and are faced with higher market prices.

Even with the rises implemented to date, the tariffs payable by our customers continue to benchmark well against other jurisdictions. Domestic customers in Jersey currently pay around half what equivalent customers pay in the UK for their electricity. Other UK Islands are implementing material rises in customer tariffs with the Isle of Man having instigated a 25% increase on 1 April 2023, and a further 25% rise from 1 July 2023. Guernsey Electricity has also applied to raise tariffs by 14.25% from 1 July 2023, subject to regulatory approval.

Overall trading performance in the 6 months to 31 March

Group revenue, at GBP69.4m, was 6.7% higher for the first half of 2023 compared with GBP65.0m for the same period last year mainly due to a rise in both Energy and Retail revenue. Profit before tax was GBP10.3m but included an unexpected receipt of GBP3.6m which has been classified as 'Rebate of past energy costs - non-recurring item' for disclosure purposes within gross profit in these financial statements. This was a rebate from the French network operator (RTE) in respect of payments made in 2022 which they were instructed to return to us in early 2023 as part of a regulatory decision due to volatility in the energy marketplace during 2022. In addition, a non-cash cost of GBP1.4m for an ex-gratia award for pensions in service was granted. If these two items were excluded the underlying profit before tax was GBP8.1m compared to GBP7.0m in 2022. Cost of sales, excluding the rebate of past energy costs, at GBP46.5m was GBP3.6m higher than last year with the rise in wholesale energy costs, and increased levels of importation from the local Energy from Waste plant, which was out of service for much of the comparative period last year, being the main factors. Operating expenses at GBP16.1m were GBP1.7m higher than last year due mainly to higher non-cash pension costs and general inflationary pressures. The taxation charge in the period of GBP2.2m was GBP0.7m higher than last year due mainly to the unexpected rebate from RTE. Earnings per share, at 26.23p, were above the 17.78p in 2022 due to higher profits. Net cash on the balance sheet, which comprises borrowings less cash and cash equivalents, at 31 March 2023, was GBP16.8m compared with GBP13.1m at this time last year (and GBP17.4m of net cash at our last year end on 30 September 2022).

Energy performance

Unit sales of electricity fell marginally by 1% from 359.4m to 355.7m kWh, compared with the same period last year. Revenue in our Energy business at GBP54.8m was GBP4.0m higher than in 2022 with the year-on-year increase being largely attributable to a 5% tariff rise in both July 2022 and January 2023. Operating profit, excluding the GBP3.6m RTE rebate, and the non-cash cost of GBP1.4m for an ex-gratia award for pensions in service, at GBP6.5m was GBP0.6m higher than the corresponding period last year due to the increased revenue offset by increased wholesale import prices, higher volumes of electricity received from the local Energy from Waste plant, recruitment of new employees, and other inflationary pressures. We imported 96% of our on-island requirement from France and 4% from the Energy from Waste plant, owned by the Government of Jersey. Only 0.4% (just over 1m units) of electricity was generated in Jersey using our traditional oil-fired plant (which is run during testing regimes) and our solar generation. These importation and generation levels were materially consistent with the same period last year, albeit the imports from the Energy from Waste plant were back to a more historical levels, as last year maintenance work was performed for an extended time in that period.

Non-Energy performance

Year-on-year revenue in our Powerhouse retail business, increased by 5% to GBP10.0m (2022: GBP9.5m) but profits were maintained at around the same level at GBP0.7m. Profit from our Property portfolio at GBP0.8m was GBP0.1m higher than in 2022 due to a combination of higher rental and slightly lower maintenance costs. JEBS, our building services unit, saw external revenue fall marginally to GBP1.7m, with profitability at a breakeven level. Our remaining business units produced profits of GBP0.2m compared to GBP0.3m in 2022.

Liquidity and cashflow

A net cash outflow of GBP0.6m was experienced in the period (2022: GBP0.0m) post the continued investment in infrastructure of GBP4.5m (2022: GBP6.0m). The net cash figure of GBP13.1m at 31 March 2022 moved to a net cash figure of GBP16.8m at 31 March 2023 (GBP17.4m at 30 September 2022). Net cash consists of cash and cash equivalents of GBP46.8m offset by GBP30.0m of long-term debt.

Pension scheme

The defined benefit pension scheme surplus (without deduction of deferred tax) on our balance sheet at 31 March 2023 stood at GBP30.1m, compared with a surplus of GBP26.4m at 30 September 2022 (and a surplus of GBP22.0m at 31 March 2022). Since the last financial year end, scheme liabilities have increased by approximately GBP5m to GBP91m. This rise was primarily due to a decrease of the discount rate assumptions from 5.2% at the last financial year end to 4.7% at 31 March 2023 associated with a fall in UK AA corporate bond yields in the interim. Assets in the Scheme rose by around GBP8m to GBP121m. Unlike most UK schemes, the Jersey Electricity pension scheme is not funded to pay mandatory annual rises on retirement. The Pension Scheme Trustees asked the Company to consider the granting of a 3% rise to pensions in service in light of the level of the surplus and the impact of current high levels of inflation on the pensioner community. This was agreed by the Board in March. The capital cost of this award was GBP1.4m and the cash will be paid by the Scheme, rather than the Company, but generated a GBP1.4m charge against our Income Statement. This is reflected in the half-year surplus figure of GBP30.1m. The defined benefit scheme has been closed to new members since 2013 and the next triennial valuation of the scheme, as at 31 December 2024, will be carried out in 2025.

Dividends

Your Board proposes to pay an interim net dividend for 2023 of 8.0p (2022: 7.60p). As stated in previous years, we aim to deliver sustained real growth each year over the medium-term. The final dividend for 2022 of 10.80p, paid in late March in respect of the last financial year, was an increase of 5% on the previous year.

Risk and outlook

The principal risks and uncertainties identified in our last Annual Report, issued in December 2022, have not materially altered in the interim period. As highlighted earlier in this report, there is continued volatility in energy markets. This continues to be closely monitored by the Board as it adds unpredictability into the price we will pay for any unhedged elements of our future electricity costs. Your Board is satisfied that Jersey Electricity plc has sufficient resources to continue in operation for the foreseeable future, a period of not less than 12 months from the date of approval of this report. Accordingly, we continue to adopt the going concern basis in preparing the condensed financial statements.

Responsibility statement

We confirm to the best of our knowledge:

(a) the condensed set of financial statements has been prepared in accordance with IAS 34 'Interim Financial Reporting';

(b) the Interim Directors Statement includes a fair review of the information required by the Disclosure and Transparency Rule DTR 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year); and

(c) the Interim Directors Statement includes a fair review of the information required by the Disclosure and Transparency Rule DTR 4.2.8R (disclosure of related party transactions and changes therein); and

(d) this half yearly interim report looks at certain forward-looking statements with respect to the operations, performance, and financial condition of the Group. By their nature, these statements involve uncertainty since future events and circumstances can cause results and developments to differ materially from those anticipated. The forward-looking statements reflect knowledge and information available at the date of preparation of this half yearly financial report and the Company undertakes no obligation to update these forward-looking statements. Nothing in this half yearly financial report should be construed as a profit forecast.

 
                                                                                           Investor timetable for 2023 
                                                                                           2 June Record date for 
                                                                                           interim 
                                                                                           ordinary dividend 
    20 June Interim ordinary dividend 
     for year ending 
     30 September 2023 
                                                                                           3 July Payment date for 
                                                                                           preference 
                                                                                           share dividends 
                                                                                           20 December Announcement of 
                                                                                           full 
                                                                                           year results 
 
   C.J. AMBLER - Chief Executive           M.P. MAGEE - Finance Director 

17 May 2023

Condensed Consolidated Income Statement (Unaudited)

 
                                                                                                                                                                                                                                                                                                                Six                                                Six months                                                                                                                                              Year 
                                                                                                                                                                                                                                                                                                             months 
                                                                                                                                                                                                                                                                                                              ended               ended                                                                                             ended 
                                                                                                                                                                                                                                                                                                           31 March           31 March                                                                                                                                                                                30 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      September 
                                                                                                                                                                                                        Note                                                                                                   2023                2022                                                                                                                                                                                    2022 
                                                                                                                                                                                                                                                                                                             GBP000                GBP000                                                                                                                                                                                GBP000 
                                                                                           Revenue               2                                                                                                                                                                                           69,378                                                                                                64,995                                                                                               117,421 
                                                                                           Cost of sales                                                                                                                                                                                                   (46,459)                                                                                              (42,859)                                                                                              (77,242) 
                                                                                           Rebate of past                                                                                                                                                                                                     3,593                                                                                                     -                                                                                                     - 
                                                                                           energy costs - 
                                                                                           non-recurring 
                                                                                           item 
                                                                                                                                                                                                               ====================================================================================================  ====================================================================================================  ==================================================================================================== 
                                                                                           Gross profit                                                                                                                                                                                                      26,512                                                                                                22,136                                                                                                40,179 
                                                                                                                                                                                                               ====================================================================================================  ====================================================================================================  ==================================================================================================== 
                                                                                           Revaluation of investment properties                                                                                                                                                                                    -                                                                                                    -                                                                                                 1,020 
                                                                                           Operating expenses                                                                                                                                                                                               (16,146)                                                                                             (14,412)                                                                                              (29,293) 
                                                                                                                                                                                                                ====================================================================================================  ===================================================================================================  ==================================================================================================== 
                                                                                           Group operating       2                                                                                                                                                                                           10,366                                                                                                 7,724                                                                                                11,906 
                                                                                            profit 
                                                                                                                                                                                                               ====================================================================================================  ====================================================================================================  ==================================================================================================== 
                                                                                           Finance income                                                                                                                                                                                                        706                                                                                                   10                                                                                                   218 
                                                                                           Finance costs                                                                                                                                                                                                       (767)                                                                                                (764)                                                                                               (1,523) 
                                                                                                                                                                                                                ====================================================================================================  ===================================================================================================  ==================================================================================================== 
                                                                                           Profit from operations before                                                                                                                                                                                      10,305                                                                                                6,970                                                                                                10,601 
                                                                                           taxation 
                                                                                                                                                                                                                ====================================================================================================  ===================================================================================================  ==================================================================================================== 
                                                                                           Taxation              3                                                                                                                                                                                          (2,208)                                                                                               (1,464)                                                                                               (2,135) 
                                                                                                                                                                                                               ====================================================================================================  ====================================================================================================  ==================================================================================================== 
                                                                                           Profit from operations after                                                                                                                                                                                        8,097                                                                                                5,506                                                                                                 8,466 
                                                                                           taxation 
                                                                                                                                                                                                                ====================================================================================================  ===================================================================================================  ==================================================================================================== 
                                                                                           Attributable to: 
                                                                                           Owners of the Company                                                                                                                                                                                               8,037                                                                                                5,448                                                                                                 8,326 
                                                                                           Non-controlling interests                                                                                                                                                                                              60                                                                                                   58                                                                                                   140 
                                                                                                                                                                                                                ====================================================================================================  ===================================================================================================  ==================================================================================================== 
                                                                                           Profit for the period/year                                                                                                                                                                                          8,097                                                                                                5,506                                                                                                 8,466 
                                                                                           attributable 
                                                                                           to the equity holders of the 
                                                                                           parent 
                                                                                           Company 
                                                                                           Earnings per share 
                                                                                                                                                                                                                ====================================================================================================  ===================================================================================================  ==================================================================================================== 
                                                                                           - basic and diluted                                                                                                                                                                                                26.23p                                                                                               17.78p                                                                                                27.17p 
 

Condensed Consolidated Statement of Comprehensive Income (Unaudited)

 
                                                                                                                                                                                                             Six                                                                                         Six months                                                                                                  Year 
                                                                                                                                                                                                          months 
                                                                                                                                                                                                           ended                                                                                              ended                                                                                                 ended 
                                                                                                                                                                                                        31 March                                                                                           31 March                                                                                                    30 
                                                                                                                                                                                                                                                                                                                                                                                                                September 
                                                                                                                                                                                                            2023                                                                                               2022                                                                                                  2022 
                                                                                                                                                                                                          GBP000                                                                                             GBP000                                                                                                GBP000 
                                                                                           Profit for the 
                                                                                            period/year 
 
                                                                                            Items that will 
                                                                                            not be 
                                                                                            reclassified 
                                                                                            subsequently 
                                                                                            to profit or 
                                                                                            loss:                                                                                                          8,097                                                                                              5,506                                                                                                 8,466 
                                                                                           Actuarial gain                                                                                                  4,307                                                                                              3,805                                                                                                 8,976 
                                                                                            on defined 
                                                                                            benefit scheme 
                                                                                           Income tax                                                                                                      (861)                                                                                              (761)                                                                                               (1,795) 
                                                                                            relating to 
                                                                                            items not 
                                                                                            reclassified 
                                                                                                             ===================================================================================================  =================================================================================================  ==================================================================================================== 
                                                                                                                                                                                                           3,446                                                                                              3,044                                                                                                 7,181 
                                                                                             Items that may 
                                                                                             be 
                                                                                             reclassified 
                                                                                             subsequently 
                                                                                             to profit or 
                                                                                             loss: 
                                                                                           Fair value                                                                                                    (2,013)                                                                                              (118)                                                                                                 4,815 
                                                                                            (loss)/gain on 
                                                                                            cash flow 
                                                                                            hedges 
                                                                                           Income tax                                                                                                        403                                                                                                 24                                                                                                 (963) 
                                                                                            relating to 
                                                                                            items that may 
                                                                                            be reclassified 
                                                                                                             ===================================================================================================  =================================================================================================  ==================================================================================================== 
                                                                                             (1,610)                                                                                                                                                                                                           (94)                                                                                                 3,852 
 ===================================================================================================  =============================================================================================================================================================================================================  ==================================================================================================== 
                                                                                           Total                                                                                                           9,933                                                                                              8,456                                                                                                19,499 
                                                                                            comprehensive 
                                                                                            income for the 
                                                                                            period/year 
                                                                                                             ===================================================================================================  =================================================================================================  ==================================================================================================== 
                                                                                           Attributable to: 
                                                                                           Owners of the                                                                                                   9,873                                                                                              8,398                                                                                                19,359 
                                                                                            Company 
                                                                                           Non-controlling                                                                                                    60                                                                                                 58                                                                                                   140 
                                                                                            interests 
                                                                                                             ===================================================================================================  =================================================================================================  ==================================================================================================== 
                                                                                               9,933                                                                                                                                                                                                          8,456                                                                                                19,499 
 ===================================================================================================  =============================================================================================================================================================================================================  ==================================================================================================== 
 

Condensed Consolidated Balance Sheet (Unaudited)

 
                                                                                                                                                                                                                                                                                                        As at                                                          As at                                                                                                                                       As at 
                                                                                                                                                                                                                                                                                                       31 March                                                    31 March                                                                                                                                         30 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 September 
                                                                                                                                                                                                     Note                                                                                                  2023                2022                                                                                                                                                                                   2022 
                                                                                                                                                                                                                                                                                                         GBP000                GBP000                                                                                                                                                                               GBP000 
                                                                                           Non-current 
                                                                                           assets 
                                                                                           Intangible assets                                                                                                                                                                                                 654                                                                                                 790                                                                                                   967 
                                                                                           Property, plant and equipment                                                                                                                                                                                 215,329                                                                                             216,138                                                                                               216,235 
                                                                                           Right of use assets                                                                                                                                                                                             3,259                                                                                               3,301                                                                                                 3,280 
                                                                                           Investment properties                                                                                                                                                                                          28,830                                                                                              27,810                                                                                                28,830 
                                                                                           Trade and other receivables                                                                                                                                                                                       300                                                                                                 303                                                                                                   300 
                                                                                           Retirement benefit surplus                                                                                                                                                                                     30,130                                                                                              21,991                                                                                                26,434 
                                                                                           Derivative         6                                                                                                                                                                                             916                                                                                                   79                                                                                                 2,640 
                                                                                            financial 
                                                                                            instruments 
                                                                                           Other investments                                                                                                                                                                                                   5                                                                                                   5                                                                                                     5 
                                                                                                                                                                                                             ===================================================================================================  ==================================================================================================  ==================================================================================================== 
                                                                                           Total non-current assets                                                                                                                                                                                      279,423                                                                                             270,417                                                                                               278,691 
                                                                                            Current assets 
                                                                                           Inventories                                                                                                                                                                                                     9,454                                                                                               6,907                                                                                                 7,173 
                                                                                           Trade and other receivables                                                                                                                                                                                    28,035                                                                                              23,375                                                                                                19,934 
                                                                                           Derivative financial                                                                                                                                                                                              148                                                                                                   -                                                                                                   483 
                                                                                           instruments 
                                                                                           Cash and cash equivalents                                                                                                                                                                                      46,795                                                                                              43,110                                                                                                47,397 
                                                                                                                                                                                                             ===================================================================================================  ==================================================================================================  ==================================================================================================== 
                                                                                           Total current assets                                                                                                                                                                                           84,432                                                                                              73,392                                                                                                74,987 
                                                                                                                                                                                                             ===================================================================================================  ==================================================================================================  ==================================================================================================== 
                                                                                           Total assets                                                                                                                                                                                                  363,855                                                                                             343,809                                                                                               353,678 
                                                                                            Current liabilities 
                                                                                           Trade and other payables                                                                                                                                                                                       22,799                                                                                              19,558                                                                                                21,043 
                                                                                           Lease liabilities                                                                                                                                                                                                  81                                                                                                  73                                                                                                    69 
                                                                                           Derivative         6                                                                                                                                                                                             110                                                                                                  677                                                                                                   330 
                                                                                            financial 
                                                                                            instruments 
                                                                                           Current tax liabilities                                                                                                                                                                                         3,328                                                                                               2,613                                                                                                 2,088 
                                                                                                                                                                                                             ===================================================================================================  ==================================================================================================  ==================================================================================================== 
                                                                                           Total current liabilities                                                                                                                                                                                      26,318                                                                                              22,921                                                                                                23,530 
                                                                                                                                                                                                             ===================================================================================================  ==================================================================================================  ==================================================================================================== 
                                                                                           Net current assets                                                                                                                                                                                             58,114                                                                                              50,471                                                                                                51,457 
                                                                                           Non-current liabilities 
                                                                                           Trade and other payables                                                                                                                                                                                       25,390                                                                                              24,762                                                                                                25,162 
                                                                                           Lease liabilities                                                                                                                                                                                               3,212                                                                                               3,247                                                                                                 3,251 
                                                                                           Retirement benefit deficit                                                                                                                                                                                          -                                                                                                 575                                                                                                     - 
                                                                                           Derivative         6                                                                                                                                                                                             174                                                                                                1,542                                                                                                     - 
                                                                                            financial 
                                                                                            instruments 
                                                                                           Financial liabilities -                                                                                                                                                                                           235                                                                                                 235                                                                                                   235 
                                                                                           preference 
                                                                                           shares 
                                                                                           Borrowings                                                                                                                                                                                                     30,000                                                                                              30,000                                                                                                30,000 
                                                                                           Deferred tax liabilities                                                                                                                                                                                       32,508                                                                                              30,353                                                                                                32,126 
                                                                                                                                                                                                             ===================================================================================================  ==================================================================================================  ==================================================================================================== 
                                                                                           Total non-current liabilities                                                                                                                                                                                  91,519                                                                                              90,139                                                                                                90,744 
                                                                                                                                                                                                             ===================================================================================================  ==================================================================================================  ==================================================================================================== 
                                                                                           Total liabilities                                                                                                                                                                                             117,837                                                                                             113,060                                                                                               114,304 
                                                                                                                                                                                                             ===================================================================================================  ==================================================================================================  ==================================================================================================== 
                                                                                           Net assets                                                                                                                                                                                                    246,018                                                                                             230,749                                                                                               239,374 
                                                                                            Equity 
                                                                                           Share capital                                                                                                                                                                                                   1,532                                                                                               1,532                                                                                                 1,532 
                                                                                           Revaluation reserve                                                                                                                                                                                             5,270                                                                                               5,270                                                                                                 5,270 
                                                                                           ESOP reserve                                                                                                                                                                                                     (18)                                                                                                (58)                                                                                                  (38) 
                                                                                           Other reserves                                                                                                                                                                                                    624                                                                                             (1,712)                                                                                                 2,234 
                                                                                           Retained earnings                                                                                                                                                                                             238,406                                                                                             225,545                                                                                               230,232 
                                                                                                                                                                                                             ===================================================================================================  ==================================================================================================  ==================================================================================================== 
                                                                                           Equity attributable to the                                                                                                                                                                                    245,814                                                                                             230,577                                                                                               239,230 
                                                                                           owners 
                                                                                           of the Company 
                                                                                           Minority interest                                                                                                                                                                                                 204                                                                                                 172                                                                                                   144 
                                                                                                                                                                                                             ===================================================================================================  ==================================================================================================  ==================================================================================================== 
                                                                                           Total equity                                                                                                                                                                                                  246,018                                                                                             230,749                                                                                               239,374 
                                                                                                                                                                                                             ===================================================================================================  ==================================================================================================  ==================================================================================================== 
 

Condensed Consolidated Statement of Changes in Equity (Unaudited)

 
                                                                                                                                                                                                  Share                                                                                             Revaluation                                                                                                ESOP                                                                                                Other                                                                                          Retained                                                                                                Total 
                                                                                                                                                                                                Capital                                                                                                 reserve                                                                                             reserve                                                                                             reserves                                                                                          Earnings                                                                                             reserves 
                                                                                                                                                                                                 GBP000                                                                                                  GBP000                                                                                              GBP000                                                                                               GBP000                                                                                            GBP000                                                                                               GBP000 
                                                                                           At 1 October 
                                                                                            2022                                                                                                  1,532                                                                                                   5,270                                                                                                (38)                                                                                                2,234                                                                                           230,232                                                                                              239,230 
                                                                                           Total                                                                                                      -                                                                                                       -                                                                                                   -                                                                                                    -                                                                                             8,037                                                                                                8,037 
                                                                                           recognised 
                                                                                           income and 
                                                                                           expense for 
                                                                                           the period 
                                                                                           Amortisation                                                                                               -                                                                                                       -                                                                                                  20                                                                                                    -                                                                                                 -                                                                                                   20 
                                                                                           of employee 
                                                                                           share scheme 
                                                                                           Movement on                                                                                                -                                                                                                       -                                                                                                   -                                                                                              (1,610)                                                                                                 -                                                                                              (1,610) 
                                                                                           hedges (net 
                                                                                           of 
                                                                                           tax) 
                                                                                           Actuarial                                                                                                  -                                                                                                       -                                                                                                   -                                                                                                    -                                                                                             3,446                                                                                                3,446 
                                                                                           gain on 
                                                                                           defined 
                                                                                           benefit 
                                                                                           scheme (net 
                                                                                           of tax) 
                                                                                           Equity 
                                                                                            dividends                                                                                                 -                                                                                                       -                                                                                                   -                                                                                                    -                                                                                           (3,309)                                                                                              (3,309) 
                                                                                           As at 31                                                                                               1,532                                                                                                   5,270                                                                                                (18)                                                                                                  624                                                                                           238,406                                                                                              245,814 
                                                                                           March 2023 
 
                                                                                           At 1 October                                                                                           1,532                                                                                                   5,270                                                                                                (79)                                                                                              (1,618)                                                                                           220,178                                                                                              225,283 
                                                                                           2021 
                                                                                           Total 
                                                                                            recognised 
                                                                                            income and 
                                                                                            expense for 
                                                                                            the period                                                                                                -                                                                                                       -                                                                                                   -                                                                                                    -                                                                                             5,448                                                                                                5,448 
                                                                                           Funding of 
                                                                                            employee 
                                                                                            share 
                                                                                            option scheme                                                                                             -                                                                                                       -                                                                                                  21                                                                                                    -                                                                                                 -                                                                                                   21 
                                                                                           Movement on 
                                                                                            hedges (net 
                                                                                            of 
                                                                                            tax)                                                                                                      -                                                                                                       -                                                                                                   -                                                                                                 (94)                                                                                                 -                                                                                                 (94) 
                                                                                           Actuarial gain 
                                                                                            on defined 
                                                                                            benefit 
                                                                                            scheme (net 
                                                                                            of tax)                                                                                                   -                                                                                                       -                                                                                                   -                                                                                                    -                                                                                             3,044                                                                                                3,044 
                                                                                           Equity 
                                                                                            dividends                                                                                                 -                                                                                                       -                                                                                                   -                                                                                                    -                                                                                           (3,125)                                                                                              (3,125) 
                                                                                           As at 31 March 
                                                                                            2022                                                                                                  1,532                                                                                                   5,270                                                                                                (58)                                                                                              (1,712)                                                                                           225,545                                                                                              230,577 
 
                                                                                           At 1 October                                                                                           1,532                                                                                                   5,270                                                                                                (79)                                                                                              (1,618)                                                                                           220,178                                                                                              225,283 
                                                                                           2021 
                                                                                           Total 
                                                                                            recognised 
                                                                                            income and 
                                                                                            expense for 
                                                                                            the period                                                                                                -                                                                                                       -                                                                                                   -                                                                                                    -                                                                                             8,326                                                                                                8,326 
                                                                                           Amortisation 
                                                                                            of employee 
                                                                                            share scheme                                                                                              -                                                                                                       -                                                                                                  41                                                                                                    -                                                                                                 -                                                                                                   41 
                                                                                           Movement on 
                                                                                            hedges (net 
                                                                                            of 
                                                                                            tax)                                                                                                      -                                                                                                       -                                                                                                   -                                                                                                3,852                                                                                                 -                                                                                                3,852 
                                                                                           Actuarial gain 
                                                                                            on defined 
                                                                                            benefit 
                                                                                            scheme (net 
                                                                                            of tax)                                                                                                   -                                                                                                       -                                                                                                   -                                                                                                    -                                                                                             7,181                                                                                                7,181 
                                                                                           Equity 
                                                                                            dividends                                                                                                 -                                                                                                       -                                                                                                   -                                                                                                    -                                                                                           (5,453)                                                                                              (5,453) 
                                                                                           At 30 
                                                                                            September 
                                                                                            2022                                                                                                  1,532                                                                                                   5,270                                                                                                (38)                                                                                                2,234                                                                                           230,232                                                                                              239,230 
 

*'Other reserves' represents the foreign currency hedging reserve.

Condensed Consolidated Cash Flow Statement (Unaudited)

 
                                                                                                                                                                                                                  Six                                                Six months                                                                                                                                             Year 
                                                                                                                                                                                                               months 
                                                                                                                                                                                                                ended               ended                                                                                            ended 
                                                                                                                                                                                                             31 March           31 March                                                                                                                                                                               30 
                                                                                                                                                                                                                                                                                                                                                                                                                       September 
                                                                                                                                                                                                                 2023                2022                                                                                                                                                                                   2022 
                                                                                                                                                                                                               GBP000                GBP000                                                                                                                                                                               GBP000 
                                                                                           Cash flows from 
                                                                                           operating activities 
                                                                                           Operating profit 
                                                                                            Adjustments to add 
                                                                                            back/(deduct) 
                                                                                            non-cash 
                                                                                            items and items 
                                                                                            disclosed elsewhere 
                                                                                            on 
                                                                                            the CFS:                                                                                                           10,366                                                                                                7,724                                                                                                11,906 
                                                                                           Depreciation and                                                                                                     5,741                                                                                                5,525                                                                                                11,904 
                                                                                           amortisation charges 
                                                                                           Share-based reward                                                                                                      20                                                                                                   21                                                                                                    41 
                                                                                           charges 
                                                                                           Gain on revaluation 
                                                                                            of investment 
                                                                                            property                                                                                                                -                                                                                                    -                                                                                               (1,020) 
                                                                                           Pension operating                                                                                                      612                                                                                                  462                                                                                                 1,303 
                                                                                           charge less 
                                                                                           contributions 
                                                                                           paid 
                                                                                           Deemed interest on 
                                                                                            hire purchase 
                                                                                            arrangements                                                                                                            -                                                                                                    -                                                                                                    50 
                                                                                           (Profit)/loss on sale                                                                                                  (1)                                                                                                  (1)                                                                                                   (7) 
                                                                                            of property, plant 
                                                                                            and equipment 
                                                                                           Operating cash flows                                                                                                16,738                                                                                               13,731                                                                                                23,367 
                                                                                            before movement in 
                                                                                            working capital 
                                                                                            Working capital 
                                                                                            adjustments: 
                                                                                                                  ===================================================================================================  ===================================================================================================  ==================================================================================================== 
                                                                                            (Increase)/decrease                                                                                               (2,281)                                                                                                    2                                                                                                 (257) 
                                                                                             in inventories 
                                                                                            Increase in                                                                                                       (8,101)                                                                                              (5,370)                                                                                               (1,926) 
                                                                                             receivables 
                                                                                            Increase in payables                                                                                                2,136                                                                                                3,127                                                                                                   444 
                                                                                           Net movement in                                                                                                    (8,246)                                                                                              (2,241)                                                                                                 2,261 
                                                                                            working capital 
                                                                                                                  ===================================================================================================  ===================================================================================================  ==================================================================================================== 
                                                                                           Interest paid                                                                                                        (763)                                                                                                (760)                                                                                               (1,514) 
                                                                                           Preference dividends                                                                                                   (4)                                                                                                  (4)                                                                                                   (9) 
                                                                                            paid 
                                                                                           Income taxes paid                                                                                                  (1,045)                                                                                              (1,510)                                                                                               (3,020) 
                                                                                                                  ===================================================================================================  ===================================================================================================  ==================================================================================================== 
                                                                                           Net cash flows from                                                                                                  6,680                                                                                                9,216                                                                                                21,085 
                                                                                            operating activities 
                                                                                           Cash flows from investing 
                                                                                           activities 
                                                                                           Purchase of property,                                                                                              (4,541)                                                                                              (6,041)                                                                                              (11,001) 
                                                                                            plant and equipment 
                                                                                           Investment in                                                                                                         (68)                                                                                                    -                                                                                                 (319) 
                                                                                            intangible assets 
                                                                                           Deposit interest                                                                                                       706                                                                                                   10                                                                                                   168 
                                                                                            received 
                                                                                           Net proceeds from                                                                                                        1                                                                                                    1                                                                                                     7 
                                                                                            disposal of fixed 
                                                                                            assets 
                                                                                                                  ===================================================================================================  ===================================================================================================  ==================================================================================================== 
                                                                                           Net cash flows used                                                                                                (3,902)                                                                                              (6,030)                                                                                              (11,145) 
                                                                                            in investing 
                                                                                            activities 
                                                                                           Cash flows from financing 
                                                                                           activities 
                                                                                           Equity dividends paid                                                                                              (3,309)                                                                                              (3,125)                                                                                               (5,453) 
                                                                                           Dividends paid to                                                                                                        -                                                                                                 (45)                                                                                                 (154) 
                                                                                            non-controlling 
                                                                                            interest 
                                                                                           Repayment of lease                                                                                                    (72)                                                                                                 (35)                                                                                                  (72) 
                                                                                            liabilities 
                                                                                                                  ===================================================================================================  ===================================================================================================  ==================================================================================================== 
                                                                                           Net cash flows used                                                                                                (3,381)                                                                                              (3,205)                                                                                               (5,679) 
                                                                                            in financing 
                                                                                            activities 
                                                                                           Net                                                                                                                  (603)                                                                                                 (19)                                                                                                 4,261 
                                                                                            (decrease)/increase 
                                                                                            in cash and cash 
                                                                                            equivalents 
                                                                                           Cash and cash                                                                                                       47,397                                                                                               43,136                                                                                                43,136 
                                                                                            equivalents at the 
                                                                                            beginning 
                                                                                            of the year 
                                                                                           Effect of foreign                                                                                                        1                                                                                                  (7)                                                                                                     - 
                                                                                            exchange rate 
                                                                                            changes 
                                                                                                                  ===================================================================================================  ===================================================================================================  ==================================================================================================== 
                                                                                           Cash and cash                                                                                                       46,795                                                                                               43,110                                                                                                47,397 
                                                                                            equivalents at the 
                                                                                            end of 
                                                                                            the period 
 

Of the GBP46.8m cash and cash equivalents at 31 March 2023, GBP37.0m (30 September 2022: GBP35.0m) is on fixed term deposits with an average of 74 days remaining (30 September 2022: 45 days)

A presentational amendment has been made to "interest paid" in operating activities and "Repayment of lease liabilities" in financing activities. For the year ended 30 September 2022, this has increased interest paid by GBP134,000 and made the same decrease to repayment of lease activities. For the six months ended 31 March 2022, this has increased interest paid by GBP68,000 and made the same decrease to repayment of lease activities.

   1               Accounting policies 

Basis of preparation

The interim accounts for the six months ended 31 March 2023 have been prepared on the basis of the accounting policies set out in the 30 September 2022 annual report and accounts using accounting policies consistent with International Financial Reporting Standards (IFRS) as adopted by the EU and in accordance with IAS 34 'Interim Financial Reporting'. There have been no changes to accounting standards during the current financial period that has impacted the disclosures in these financial statements and the full year financial statements that will be prepared for 30 September 2023.

Jersey Electricity plc has considerable financial resources and, consequently, the directors believe that the Group is well placed to manage its business risks successfully despite the current uncertain economic outlook. The directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

   2              Revenue and profit 

The contributions of the various activities of the Group to turnover and profit are listed below:

 
                                                                                                                                                                                                                                                            Six months ended                                                                                                                                                                                                                                                                                           Six months ended                                                                                                                                                                                                     Year ended 
                                                                                                                                                                                                                                                             31 March 2023                                                                                                                                                                                                                                                                                               31 March 2022                                                                                                                                                                                                   30 September 2022 
                                                                                                                                                                                                         External                                                                                             Internal     Total                                                                                            External Internal                                                                                                                                                                                       Total                                                                                             External                                                                                             Internal                                                  Total 
                                                                                                                     GBP000                                                                                                                                       GBP000                                                                                                                                           GBP000    GBP000                                                                                              GBP000    GBP000                                                                                                                                                                                      GBP000                                                                                               GBP000                                                  GBP000 
                                                                                           Revenue 
                                                                                           Energy                                                             54,833                                                                                                 46                                                                                                                                            54,879     50,782                                                                                                 49                                                                                            50,831                                                                                               89,683                                                                                                  100                                                                                              89,783 
                                                                                           Retail                   9,955                                                                                                                                            35                                                                                                                                             9,990      9,504                                                                                                 21                                                                                             9,525                                                                                                3,365                                                                                                  780                                                                                               4,145 
                                                                                           Building Services        1,684                                                                                                                                           343                                                                                                                                             2,027      1,795                                                                                                252                                                                                             2,047                                                                                               18,695                                                                                                   41                                                                                              18,736 
                                                                                           Property                 1,226                                                                                                                                           320                                                                                                                                             1,546      1,159                                                                                                320                                                                                             1,479                                                                                                2,345                                                                                                  639                                                                                               2,984 
                                                                                           Other*                   1,680                                                                                                                                           264                                                                                                                                             1,944      1,755                                                                                                387                                                                                             2,142                                                                                                3,333                                                                                                  625                                                                                               3,958 
                                                                                                                                                              69,378                                                                                              1,008                                                                                                                                            70,386     64,995                                                                                              1,029                                                                                            66,024                                                                                              117,421                                                                                                2,185                                                                                             119,606 
                                                                                           Inter-segment 
                                                                                            elimination                                                                                                                                                                                                                                                                                                           (1,008)                                                                                                                                                                                                         (1,029)                                                                                                                                                                                                                                                                                                       (2,185) 
============================================================================================================  ===================================================================================================  ===================================================================================================  =================================================================================================  =========  =================================================================================================  ================================================================================================  ===================================================================================================  ===================================================================================================  ================================================================================================== 
                                                                                            Operating profit                                                                                                                                                                                                                                                                                                       69,378                                                                                                                                                                                                          64,995                                                                                                                                                                                                                                                                                                       117,421 
                                                                                               Energy profit 
                                                                                               before rebate                                                                                                                                                                                                                                                                                                        5,061                                                                                                                                                                                                           5,943                                                                                                                                                                                                                                                                                                         7,502 
                                                                                              Rebate to cost                                                                                                                                                                                                                                                                                                        3,593                                                                                                                                                                                                               -                                                                                                                                                                                                                                                                                                             - 
                                                                                                    of sales 
                                                                                                                                                                                                                                                                                                                        -------------------------------------------------------------------------------------------------                                                                                                                ------------------------------------------------------------------------------------------------                                                                                                                                                                                                            -------------------------------------------------------------------------------------------------- 
                                                                                           Energy profit 
                                                                                            including rebate                                                                                                                                                                                                                                                                                                        8,654                                                                                                                                                                                                           5,943                                                                                                                                                                                                                                                                                                         7,502 
                                                                                           Retail                                                                                                                                                                                                                                                                                                                     672                                                                                                                                                                                                             661                                                                                                                                                                                                                                                                                                         1,174 
                                                                                           Building Services                                                                                                                                                                                                                                                                                                           27                                                                                                                                                                                                             103                                                                                                                                                                                                                                                                                                           266 
                                                                                           Property                                                                                                                                                                                                                                                                                                                   788                                                                                                                                                                                                             717                                                                                                                                                                                                                                                                                                         1,436 
                                                                                           Other*                                                                                                                                                                                                                                                                                                                     225                                                                                                                                                                                                             300                                                                                                                                                                                                                                                                                                           508 
                                                                                           Operating profit 
                                                                                            before property 
                                                                                            revaluation/sale                                                                                                                                                                                                                                                                                                       10,366                                                                                                                                                                                                           7,724                                                                                                                                                                                                                                                                                                        10,866 
                                                                                           Gain on 
                                                                                            revaluation 
                                                                                            of investment 
                                                                                            properties                                                                                                                                                                                                                                                                                                                  -                                                                                                                                                                                                               -                                                                                                                                                                                                                                                                                                         1,020 
                                                                                           Operating profit                                                                                                                                                                                                                                                                                                        10,366                                                                                                                                                                                                           7,724                                                                                                                                                                                                                                                                                                        11,906 
 

*Other segment includes Jersey Energy, Jendev (both divisions) and Jersey Deep Freeze Limited, the Group's sole subsidiary.

Materially, all the Groups operations are conducted within the Channel Islands. All transfers between divisions are on an arm's length basis.

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 is detailed in the 30 September 2022 annual report.

3 Taxation

 
                                                                                                                                                                                                     Six                                               Six months                                                                                                                                            Year 
                                                                                                                                                                                                  months 
                                                                                                                                                                                                   ended               ended                                                                                          ended 
                                                                                                                                                                                                      31           31 March                                                                                                                                                                             30 
                                                                                                                                                                                                   March                                                                                                                                                                                                September 
                                                                                                                                                                                                    2023                2022                                                                                                                                                                                 2022 
                                                                                                                                                                                                  GBP000                GBP000                                                                                                                                                                             GBP000 
                                                                                           Current 
                                                                                            income 
                                                                                            tax                                                                                                    2,132                                                                                              1,431                                                                                                 2,088 
                                                                                           Deferred                                                                                                   76                                                                                                 33                                                                                                    47 
                                                                                            income 
                                                                                            tax 
                                                                                           Total                                                                                                   2,208                                                                                              1,464                                                                                                 2,135 
                                                                                            income 
                                                                                            tax 
 

For the period ended 31 March 2023 and subsequent periods, the Company is taxable at the rate applicable to utility companies in Jersey of 20%. (2022: 20%).

4 Dividends paid and proposed

 
                                                                                                                                                                                                         Six                                               Six months                                                                                                                                            Year 
                                                                                                                                                                                                      months 
                                                                                                                                                                                                       ended               ended                                                                                          ended 
                                                                                                                                                                                                          31           31 March                                                                                                                                                                             30 
                                                                                                                                                                                                       March                                                                                                                                                                                                September 
                                                                                                                                                                                                        2023                2022                                                                                                                                                                                 2022 
                                                                                           Dividends per 
                                                                                           share 
========================================================================================================  ==================================================================================================  =================================================================================================  ==================================================================================================== 
                                                                                           Paid                                                                                                       10.80p                                                                                             10.20p          17.80p 
                                                                                           Proposed                                                                                                    8.00p                                                                                              7.60p          10.80p 
                                                                                                                                                                                                  Six months                                               Six months                                                                                                                                            Year 
                                                                                                                                                                                                       ended               ended                                                                                          ended 
                                                                                                                                                                                                    31 March           31 March                                                                                                                                                                             30 
                                                                                                                                                                                                                                                                                                                                                                                                            September 
                                                                                                                                                                                                        2023                2022                                                                                                                                                                                 2022 
                                                                                                                                                                                                      GBP000                GBP000                                                                                                                                                                             GBP000 
                                                                                           Distribution                                                                                                3,309                3,125                                                                                                                                                                               5,454 
                                                                                            to equity 
                                                                                            holders and 
                                                                                            by 
                                                                                            subsidiaries 
                                                                                            in the 
                                                                                            period 
 

The distribution to equity holders in respect of the final dividend for 2022 of GBP3,309,120 (10.20p net of tax per share) was paid on 23 March 2023.

The Directors have declared an interim dividend of 8.00p per share, net of tax (2022: 7.60p) for the six months ended 31 March 2023 to shareholders on the register at the close of business on 2 June 2023. This dividend was approved by the Board on 17 May 2023 and has not been included as a liability at 31 March 2023.

5 Pensions

In consultation with the independent actuaries to the scheme, the valuation of the pension scheme assets and liabilities has been updated to reflect current market discount rates, current market values of investments and actual investment returns applicable under IAS 19 'Employee Benefits', and also consideration has been given as to whether there have been any other events that would significantly affect the pension liabilities.

The Pension Scheme Trustees asked the Company to consider the granting of a 3% rise to pensions in service in light of the level of the surplus and the impact of current high levels of inflation on the pensioner community. This was approved by the Board in March 2023 and the capital cost of this award was GBP1.4m. The cash will be paid by the Scheme, rather than the Company, but generated a GBP1.4m charge against our Income Statement.

6 Financial Instruments

The Group held the following derivative contracts, classified as level 2 financial instruments at 31 March 2023.

 
                                                                                                                                                                                                               Six                                                Six months                                                                                                                                             Year 
                                                                                                                                                                                                            months 
                                                                                                                                                                                                             ended               ended                                                                                            ended 
                                                                                                                                                                                                                31           31 March                                                                                                                                                                               30 
                                                                                                                                                                                                             March                                                                                                                                                                                                  September 
                                                                                                                                                                                                              2023                2022                                                                                                                                                                                   2022 
 Fair value of currency hedges                                                                                                                                                                              GBP000                GBP000                                                                                                                                                                               GBP000 
                                                                                           Derivative assets 
==============================================================================================================  ==================================================================================================  ===================================================================================================  ==================================================================================================== 
                                                                                           Less than one year                                                                                                  148                                                                                                    -                                                                                                   483 
                                                                                           Greater than one                                                                                                    916                                                                                                   79                                                                                                 2,640 
                                                                                            year 
                                                                                            Derivative 
                                                                                            liabilities 
==============================================================================================================  ==================================================================================================  ===================================================================================================  ==================================================================================================== 
                                                                                           Less than one year                                                                                                (110)                                                                                                (677)                                                                                                 (330) 
                                                                                           Greater than one                                                                                                  (174)                                                                                              (1,542)                                                                                                     - 
                                                                                            year 
                                                                                           Total net                                                                                                           780                                                                                              (2,140)                                                                                                 2,793 
                                                                                            assets/liabilities 
 

All financial instruments for which fair value is recognised or disclosed are categorised within the fair value hierarchy. This hierarchy is based on the underlying assumptions used to determine the fair value measurement as a whole and is categorised as follows:

Level 1 financial instruments are those with values that are immediately comparable to quoted (unadjusted) market prices in active markets for identical assets or liabilities.

Level 2 financial instruments are those with values that are determined using valuation techniques for which the basic assumptions used to calculate fair value are directly or indirectly observable (such as readily available market prices).

Level 3 financial instruments are shown at values that are determined by assumptions that are not based on observable market data (unobservable inputs).

The derivative contracts for foreign currency shown above are classified as level 2 financial instruments and are valued based on using a discounted cash flow valuation technique. Future cash flows are estimated based on forward exchange rates (from observable forward exchange rates at the end of the reporting period) and contract forward rates, discounted at a rate that reflects the credit risk of various counterparties.

7 Related Party Transactions

The Government of Jersey (the "Government") treats the Company as a strategic investment. Whilst it holds the majority voting rights in the Company, the Government does not view the Company as being under its control and as such, it is not consolidated within the Government accounts. The Government is understood by the Directors to have significant influence but not control of the Company.

The Company has elected to take advantage of the disclosure exemptions available in IAS 24, paragraphs 25 and 26. All transactions are undertaken on an arms-length basis in the ordinary course of business.

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END

IR FLFVVEFIDLIV

(END) Dow Jones Newswires

May 17, 2023 09:35 ET (13:35 GMT)

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