JT Group has published its Progress Report for 2020, describing a strong year for its core business.
The group’s financial statements detail an increase in profit before tax of 17% compared with 2019, at £4.7m.
JT was also able to maintain a dividend to its shareholder, the Government of Jersey, of £6m (2019: £7m).
The cash generated by the business increased by 30% on 2019, and the level of net debt reduced by 41%.
Total group revenues fell by 13% as a result of a one-off strategic decision to exit voice trading business but, according to JT, this had little impact on profits as it was low margin.
The Progress Report also outlines JT's part in helping islanders cope with the Covid-19 pandemic – doubling broadband speeds to 1Gb/s at no extra cost to support people working at home; providing free local landline calls to customers; suspending charges for late payments; and exceeding agreed data limits.
In addition, the report details the success of JT Group’s Internet of Things division, created in 2014, which has doubled in size every year for the past three years.
Group CEO Graeme Millar (pictured) commented: “From a trading point of view, this was a solid performance. We had to contend with the negative effects of Brexit, the pandemic and general volatility in global markets. But we took a prudent approach to those challenges, protected our core business and looked to focus on new opportunities for growth.
"We see excellent future opportunities for our Internet of Things division, but also for fraud protection services, and for our international business generally.
"Closer to home, we enabled the shift to working-from-home. We will continue to invest in that to make sure the islands have the essential infrastructure they need to prosper.”
• To view the Progress Report and financial statement click here