Jersey Electricity PLC on Monday said revenue rose in the first half of the financial year, but rising costs saw profit remain unchanged.

In the six months ending March, the Jersey-based electricity importer, generator and distributor said pretax profit was flat at £10.3 million compared to a year prior. Earnings per share fell slightly to 26.15 pence from 26.23p.

Revenue rose 8.9% to £75.6 million from £69.4 million a year ago mainly due to a rise in revenue from its Energy business.

Revenue in the Energy business rose 11% to £60.9 million from £54.8 million a year prior largely attributable to a 12% tariff rise in January 2024.

Despite the sales increase, Jersey Electricity noted that cost of sales and operating costs increased by 5% year on year, recognising the ongoing inflationary pressures.

The company increased the final dividend to 11.40p per share from 10.80p a year prior after making an interim payout of 8.40p, up from 8.00p.

Shares in Jersey Electricity closed down 1.1% at 450.00 pence in London on Monday.

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