An Post returns to Profit

An Post’s annual results show a significant turnaround in the fortunes of the Irish company. It produced an operating profit of €8.4m, up from its loss of €12.4m. At the time, the company released forecasts suggesting its loss could be as much of €60m if changes were not made.

The company produced revenues of €840m, up 1.2% from 2016. The main contributor to this was letters and the significant increase in stamp prices earlier in the year was key to this. However, parcel volume growth was also impressive, at 30%.

The company split its two major businesses, Mail & Parcels Service and the Post Office Network during the year, extended its delivery service to Saturdays and introduced late night cut offs.

Commenting on 2017 results, An Post CEO David McRedmond said, “An Post has achieved a substantial turnaround of its business to move back into growth and profit. With the restructuring into two core businesses, the reinvigoration of management, the collaboration with the staff and Unions, especially the CWU, and the backing of Government, the future is bright.  An Post is the enabler of e-commerce, and will play an increasingly important role partnering the digital economy.”

Source: An Post