Ports of Jersey Annual Report & Accounts 2017 – ‘Meeting the Challenge’

From Port of Jersey,
06 June 2018

Ports of Jersey Limited (POJL), the States Owned Company, which is responsible for the Island's Airport and Harbours, is today (Wednesday 06.06.18) releasing its 2017 Annual Report and Accounts.   In its second financial year operating since being incorporated in October 2015, the company has continued to make very good progress in both its core operations and its further commercial agenda. 

Chairman Charles Clarke stated, "Ports of Jersey has made great financial and operational progress since incorporation, and the 2017 performance is a strong testament to the change in culture and decision making enabled by operating as a commercial enterprise."

Group CEO, Doug Bannister, further remarked, "Ports of Jersey is a large infrastructure company, whose assets require continued investment to remain open, safe and secure for the benefit of residents and visitors.  While we have had very good performance in the year, we must continue our determined focus on commercialisation in order to create the funding for our long term capital programme."

Financial Highlights

12 months ended 31 December 201712 months ended 31 December 2016*
Operating Costs (excluding depreciation)(34,698)(32,608)
Earnings before interest, tax, depreciation, and amortisation11,54910,785
*Note:  12 Month 2016 comparison is unaudited, as this formed part of the 15 month audited accounts


·         Revenue earned grew by £2.9m (6.6%) to £46.3m, demonstrating further improvements in managing both its traditional activities and new ventures;

·         Strong revenue growth from additional commercial activities, such as the benefit of new concession arrangements secured at Jersey Airport offset lower yields in core business activities as a result of rising costs without any price increases;

·         Operating costs overall grew in proportion to revenue reflecting corporate, transformation, and insourcing programmes, such as bringing the harbours maintenance back in-house from the States of Jersey’s Department for Infrastructure (DfI);

·         £1.4 million, including wages of PoJL employees and general expenses, was also spent on its Public Service Obligations, keeping our seas safe through its Coastguard operations and its historic harbours maintained;

·         A comprehensive agreement was reached with States of Jersey resolving legacy issues not fully settled at Incorporation;

·         Profitability grew by £0.8m (7.1%) to £11.5 million, measured in terms of EBITDA  (Earnings before Interest, Tax, Depreciation and Amortisation).  EBITDA is internationally recognised as an indicator of the capability to fund investment from current cash flows. It is therefore particularly relevant for infrastructure businesses such as Ports of Jersey.


Operating highlights

·                  *       2.3 million passengers through its gateways,

o   1.6 million through Jersey Airport alone making it the busiest year in the last 17 years since year 2000;

o   0.7 million travelled by ferry .

·         41 air and sea routes maintained, providing Jersey with enviable connectivity despite the withdrawal of a major German carrier in 2017;

·         Two awards recognising outstanding service provided by PoJL – the biennial Aircraft Owners and Pilots Association (AOPA) award for best General Aviation Airfield, together with the UK Yacht Harbour Association award for ‘Best Coastal Marina’ over 250 berths for St Helier Marina;

·         Replacing the ageing infrastructure and pontoons dedicated to commercial fishermen;

·         Operating to the highest standards, through achieving Air Navigation Service Provider certification directly from the European Aviation Safety Agency (EASA) and undergoing a peer review of Coastguard/VTS functions by the UK Maritime and Coastguard Agency (MCA);

·         Planning approval recently received, although subsequently appealed, for the construction of three new hangars on the airfield at Jersey Airport;

·         Plans announced for a £42 million future redevelopment programme for Jersey Airport, which will deliver required compliance improvements whilst creating more capacity and an improved customer experience;

·         Early stage work on Harbour Master Plan options for St Helier.

To view a copy of the 2017 Ports of Jersey Annual report & Accounts please click




Jersey Harbours