Jersey Development Company, the Government of Jersey’s regeneration arm, has recorded post-tax and post-public infrastructure profits of £7.36m for its financial year ended 31 December 2023 following the successful completion of its Horizon residential project.

The Horizon project was delivered via a joint venture with Groupe Legendre and profits from the joint venture development generated £4.7m of income tax.

The Company invested £1.55m in public infrastructure during the year, comprising the extension of the IFC development’s Trenton Square resulting in a 46% increase in the area of this popular public open space.

Whilst the latest IFC office building, IFC 6, was also successfully completed during the year, this property remains in the ownership of JDC and profits from this development will only be recognised when the property is sold.

Lee Henry, CEO, stated: “Jersey Development Company 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. The performance of the Company reflects the hard work from a dedicated and experienced team and board as well as enduring partnerships with our design teams, main contractors and their associated sub-contractors.”

Since its establishment in 2011, JDC has generated £56.4m profits from an initial shareholder capital base of £42.5m. JDC’s profits have paid dividends totalling £11.5m to the Government of Jersey. In addition, the Company has invested £4.8m in public infrastructure and public realm and £3.2m in social and community projects.  The Company’s net assets at 31 December 2023 stood at £85m. Over the last decade, JDC has invested more than £200m in the local construction industry.