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Powerhouse revenues increased by 9% in 2017

Powerhouse revenues increased by 9% in 2017

Wednesday 04 April 2018

Powerhouse revenues increased by 9% in 2017

Wednesday 04 April 2018


Jersey Electricity's retail arm - the Powerhouse, and its online version powerhouse.je - had their best financial result ever in 2017 with revenues rising by 9% from £11.9m to £13.0m, taking the business from a loss of £0.1m in 2014 to a profit of £0.7m.

The business says the positive results follow an "intense period of restructure and reinvestment" over the past two years, which have provided an opportunity for "consolidation and further enhancement."

The shop decided to get rid of its "bulky, toy category" preferring instead to increase their home electricals and technology offering, which they said was "a better fit with our strategy."

In its latest report, Jersey Electricity noted: "We have continued to expand the range of heating products and smart technology, including subcategories ‘wearables’ and ‘rideables’ such as electric cycles. We have also seen some encouraging improvements in trading levels in our St Helier town store, where we have revised our proposition to focus more on high tech consumer electricals, including TVs in which we are particularly competitively priced.

"This year we have started to use technology extensively in the way we run the business - assisting us with category management, ranging, pricing and margin analysis. Also crucial to our success, we have maintained our investment in people development and staff training by introducing a new training programme aimed at further enhancing customer service skills and product knowledge among our key customer-facing staff. Whilst customer feedback on pricing is very positive, we believe staff engagement and customer service remain critical to differentiating our offer in the local market and in particular against the UK online threat."

 


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