2008 Annual Review
The JT Group Ltd has published its Annual Review for 2008.
JT Group Ltd has delivered solid results in the face of increased competition and the economic downturn.
At its AGM on Friday 19th June JT Group Ltd reported solid results with growth and profitability achieved through three strategic goals to defend market share in Jersey, develop business in Guernsey and grow off-island.
Revenues grew with increased sales across Jersey, Guernsey and internationally. To give customers the most advanced, trusted and reliable services available £20 million has been invested in new technology and improved capacity and resilience of the links with the rest of the world. Despite difficult trading conditions ordinary dividend payments to the shareholder, the States of Jersey, have been maintained at £6.71 million, representing 61% of profit before tax.
Expanding the product line, delivering excellent customer service, building an international business and successfully defending market share comes at a price and operating costs have grown by 9.0% resulting in a reduction of profitability.
- Turnover of £91.1 million, an increase of 4.8%
- Operating costs of £67.9 million, an increase of 9.0%
- Pre-tax profits of £11.0 million, a decline of 8.7%
- Dividend on ordinary shares paid to the States of Jersey maintained at £6.71 million
Following the decision at the beginning of 2008 by the States of Jersey not to pursue the sale of the Group the company has restructured into two customer facing divisions, the Channel Islands division and the Global division. These will focus respectively on providing competitive telecommunications services in the Channel Islands and growing new revenues off-island.
John Henwood, chairman of JT Group Ltd, summarised: “Jersey Telecom Limited has performed well in the face of increased competition and the economic downturn. Solid results have been achieved through three strategic goals, to defend market share in Jersey, develop business in Guernsey and grow off-island. We continue to play an important role in Channel Islands life as a key service provider, a leading employer, a contributor to the community through support for the voluntary sector, the environment and events and, not least, by delivering financial support through dividends to the States of Jersey. Finally, as the end of my tenure approaches, I should like to thank my fellow directors, the staff and management of this fine company for their help and support over the last six years."