Interim Management Statement

24 Jan 2008 13:00

Jersey Electricity Company Limited24 January 2008 Jersey Electricity Company Limited Interim Management Statement The Jersey Electricity Company Limited is today publishing its first InterimManagement Statement as required by the revised UK Listing Authority'sDisclosure and Transparency rules, relating to the period from 1 October 2007 tothe date of issue of this announcement. In the thirteen week period since the beginning of the financial year to the endof December the unit sales of electricity in our Energy business rose by 8% duemainly to unseasonably mild weather in the same period last year. Revenues inthe Energy business are 28% higher than the same period last year due to thisincrease in sales volumes combined with a tariff rise which took place on 1January 2007 to cover an increase in our cost base from escalating wholesaleelectricity prices. A similar trending of unit sales and revenues continuedduring the month of January 2008. We have pledged not to increase tariffsfurther until at least 1 January 2009. Our power purchase and foreign exchangerequirements are materially hedged for the remainder of this financial yearmitigating recent further increases in wholesale electricity prices (on whichour European power importation contract is based) and the substantial weakeningof sterling against the euro. Our other business units, at a total level, aretrading ahead of the corresponding financial position in the last financialyear. The £13m project to upgrade the electricity infrastructure in the west ofJersey, which was initiated during the last financial year, continued onschedule during the period since the last financial year end. It is stillexpected to be completed in October 2008. Our balance sheet remains strong and there have been no significant changes inthe financial position of the Company since the issue of our PreliminaryAnnouncement in mid-December 2007 for the year ended 30 September 2007. Thecash balance at the end of December 2007 was £15m compared to £16m at the lastfinancial year end. 24 January 2008 For further information, please contact: Martin Magee, Finance Director Tel : 01534 505201Peter Routier, Company Secretary Tel : 01534 505253 This information is provided by RNS The company news service from the London Stock Exchange