|
23 April 2007
Jersey Water has today published its Annual Report and Accounts, showing
a profit before tax for 2006 of £2,800,000; a 15% increase on 2005
achieved despite the need to run the desalination plant for three months
during the year and a tariff increase of just 1.95%.
The Water Quality report, also published today, shows that the water supplied
during 2006 met or exceeded regulatory quality parameters for drinking
water in 99.97% of samples taken, confirming it to be of a very high standard.
Turnover for the Company increased by 2.7%, driven by a higher than usual
number of new connections to the network plus increased demand due to
the dry weather of 2006. The increased revenue, coupled with efficiency
savings helped offset the expense of running the desalination plant.
The Board is recommending a final dividend of 144.8 pence (net of income
tax) per Ordinary and A Ordinary share which, together with the interim
net dividend of 84 pence, makes a total equity dividend of 228.8 pence
compared to 217.6 pence per share (net of income tax) for 2005, an increase
of 5%.
In 2006, the Company spent just under £3 million on capital works
which included the renewal of 2.1km of water mains. The Company extended
the treated water network by 6.5km. There were 1,001 new connections to
the mains network, an increase of 59% over the previous year.
Despite the very dry conditions throughout the spring and summer of 2006,
the Company had no need to implement hosepipe restrictions as seen across
much of the South East of England. However, the Company did decide to
operate the desalination plant for the first time in three years as a
precautionary measure to safeguard against the effects of a potentially
dry autumn and early winter. Demand for water was 7,484 Ml in 2006, an
increase of 2.6% over the previous year.
At the forthcoming AGM, Senator Len Norman, the Deputy Chairman, will
retire from the Board after 20 years of service to the Company and it
is proposed that Mr Kevin Keen, Managing Director of Jersey Dairy and
President of the Jersey Chamber of Commerce, be elected to fill the vacancy
left by Senator Norman.
Chairman of Jersey Water, David Norman, commented:
“We are very pleased with the Company’s results for the year
which show a healthy return for the Company despite 2006 being very dry.
Accordingly, we are proposing a 5% increase in the 2006 dividends for
equity shareholders with the balance of profits being reinvested to fund
our ongoing programme of mains renewals, water quality improvements and
other enhancements to Jersey Water’s infrastructure”.
Notes to Editors
| • |
Jersey Water is the trading name of The Jersey New Waterworks
Company Limited. |
| • |
Of the 483,000 equity shares of Jersey Water in issue, 73.9% are
owned by the States of Jersey. The balance of shares are owned by
Companies and individuals (mainly Jersey residents). |
| • |
Jersey Water is not listed on any stock exchange and therefore has
no official share price. |
| • |
A copy of the Company’s 2006 Annual Report is available by
clicking
here. |
| • |
A copy of the Company's 2006 Water Quality Report is available by
clicking
here. |
For further information, please contact:
Howard Snowden
Managing Director & Engineer
T: 707300
Issued by:
Rozena Newell
Concept Communications
T: 629800
E: rozena@concept-comms.com
|
