An Post released their annual results for 2018. Revenues increased by 6.8% year on year to €897.0m. Operating profit saw a large increase of 390.6% year on year to €41.2m. This indicates a significant bounce back from their €12.4m operating loss in 2016.
The Post Office Network plans to rebuild its foundations with the national deal agreed between Postmasters and An Post. However, transformation costs from the implementation of the new Postmasters contract and the resizing of the network amounted to €14.0m during the year, which in part reduced total profits.
David McRedmond, CEO of An Post said “The focus on e-commerce is seeing parcel volumes grow by almost 40%; and the Post Office network has a radical modernisation programme underway. Operating costs are shifting into new areas of growth and the business is strongly cash positive. In 2019 we aim to automate core parcel operations; refresh the brand, marketing and customer interfaces; launch An Post Money and An Post Commerce; and develop a leaner, more flexible corporate centre.”
Source: An Post
