Property sales help utility firm to generate a £7 million profit

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The company’s annual report for the 12 months up to 31 September 2021 indicate that it made £6.7 million of pre-tax profit, which was £3 million more than in the previous year.

The document says that the profit boost was mainly due to the £2.1 million sale of the firm’s head office at Westmount – a move prompted by the Our Hospital project – and £1.9 million received from the sale of a residential property.

It is also reported that company turnover was boosted by £729,000 to £18.4 million following the installation of new water connections.

Chief executive Helier Smith said: ‘I am extremely proud of everyone at Jersey Water and how, as a team, they rose to the challenges presented by Covid-19 for the second consecutive year.

‘The strength of our people and company culture shone through as we adapted and flexed in order to stay safe, while maintaining the supply of high-quality water to the Island and ensuring we achieved our operational and strategic objectives.’

He added that ‘a key focus’ for the company during the year was risk and resilience in the Island’s water supply.

Mr Smith said: ‘We published our Water Resources and Drought Management Plan which sets out how we will address the forecast deficit of eight million litres per day in water resources expected in severe drought years by 2045.

‘Our focus will be on both demand reduction and providing additional water resources. During 2021, both aspects of the plan were progressed with the development of a new leakage-reduction strategy and a feasibility study into extending the desalination plant which is planned to be operational by 2025.’

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