JT returns £4.8m dividend to Treasury

Wednesday 01 May 2019

JT’s gross profit increased from £92million to £94.5million last year, resulting in a £4.8million dividend being paid into the public purse.

This dividend to the States of Jersey was a £100,000 increase on the previous year, figures released this week in the company's annual report showed, and was part of a total of £17million paid to the government in terms of employee related taxes, corporate tax, GST and dividends.

The accounts also showed JT had a turnover of £250.5million - 4% below 2017 due to a reduction in low-margin voice revenue.

Investment in international business saw the company's operating profit fall to £7.4 million in 2018 - £3.7 million less than the previous year.

Pictured: JT Group Chairman Phil Male.

69% of JT’s revenue now comes from outside of the Channel Islands, which supports the company's investment in local infrastructure for the islands, such as super-fast 4G networks and island-wide full-fibre network in Jersey. 

JT Group Chairman, Phil Male, commented: “Following the completion of the full-fibre network, 2018 was a time to look to the future of our business, which we did by investing strategically in our International operations.  

“JT is an innovative, global communications player, which is making sure the Channel Islands are amongst the most connected places on earth, while also securing our long- term future as a valuable, locally-owned asset, through growing our International business.” 

JT CEO, Graeme Millar, added: “We will continue to couple our investment in technology with our commitment to providing award-winning standards of customer service across all our disciplines so that we are providing the same high quality of service to both our global partners and our valued local customers.”