Jersey Electricity PLC Trading Statement - COVID 19 (3001I)
01 April 2020 - 3:04AM
UK Regulatory
TIDMJEL
RNS Number : 3001I
Jersey Electricity PLC
31 March 2020
JERSEY ELECTRICITY PLC
31 March 2020
COVID-19 Update
Jersey Electricity Plc ('the Company') is the sole supplier of
electricity in Jersey and as such recognises its importance to all
aspects of life in the community. Over recent weeks, we have been
monitoring the development of the COVID-19 epidemic and in response
to this we have established an incident response team to put in
place actions to mitigate the risks arising from the spread of the
virus, whilst at the same time maintaining essential services and
protecting the business overall.
In these unprecedented times, the health, safety and wellbeing
of the public, our customers and our employees are our key
priorities. We are doing all we can to support them and help
prevent the spread of the virus. Following the latest Government
and Public Health guidance, where possible, employees are working
from home and we have strict precautions in place at our sites,
including enhanced levels of cleaning, additional hygiene
facilities and social distancing. Many of our employees are
designated essential workers and are delivering the best possible
service to customers during this challenging time.
We recognise that this current crisis will place financial
strain on a significant proportion of our customer base and we have
stepped up support for those affected customers, including
flexibility regarding payment of bills assessed on a case-by-case
basis. In light of these challenging circumstances for our
customers, we also deferred a planned 2.5% tariff rise which was to
be effective from 1 April, at an estimated cost of GBP1m in the
second half of our financial year.
We are scheduled to issue half year results to 31 March 2020 in
mid-May. Whilst these results have only been marginally impacted by
COVID-19 events, there remains considerable uncertainty over the
impact of the virus on the Company going forward, including the
impact on unit sales of electricity and the level of overdue and
bad customer debt.
The Company has a robust liquidity position with cash deposits
on balance sheet, low gearing and a GBP10m undrawn bank facility
and as such is well protected against shocks to the business that
may be experienced as a result of the outbreak.
The Company paid its final dividend for the year ended 30
September 2019 on 26(th) March 2020. We will continue to monitor
the impacts of this epidemic on the business and will consider
whether any changes should be made to our dividend policy.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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