Regeneration company posts profits of £7.4m

Profits from the Horizon project generated £4.7m of income tax, said JDC

Jersey Development Company (JDC) recorded profits of £7.4m in 2023, according to its annual report.

It was a "significant" swing in profits for the company which posted a £1.5m loss in 2022 when no developments were completing, said the company, the Government of Jersey's regeneration arm.

The latest profits follow the completion of the 280-unit Horizon residential project, a joint venture with Groupe Legendre which generated £4.7m of income tax, said JDC.

Chief executive Lee Henry said the company's performance "reflects the hard work" of the team, contractors and sub-contractors.

'Public open spaces'

JDC said it invested £1.55m in public infrastructure during the year, comprising the extension of the International Finance Centre's (IFC) Trenton Square.

Profits from the latest IFC office building, IFC 6, would be recognised when the property was sold, said JDC.

Mr Henry said JDC "continues to positively deliver for the island's community, whether it be with the creation of new homes, state-of-the-art office accommodation for the island’s primary economic industry or high quality public open spaces".

Since its establishment in 2011, JDC has generated £56.4m profits as well as dividends totalling £11.5m to the Government of Jersey.

The company said it had also invested £4.8m in public infrastructure and public realm and £3.2m in social and community projects.

Over the last decade, JDC has invested more than £200m in the local construction industry, it said.