An Post “on a sound sustainable footing financially”
An Post yesterday repaid in full and on schedule a €30m loan advanced by Government in 2017 to support the first phase of the Company’s transformation.
In December 2017, the loan was made available to An Post to invest in a new Strategy for Financial Services; national and international Ecommerce parcels businesses; and the purchase of its first tranche of electric delivery vehicles. This has been a success, and having come through the challenges of the pandemic, the company is now in a position to repay this loan on schedule, and without requiring the available 12-month extension.
An Post CEO David McRedmond said: “An Post is a vibrant commercial business that receives no state subsidy. Having returned to growth and positive cash-flow after the pandemic, and having sold on our interest in the National Lottery licence, we have repaid in full this Government loan. I commend our leadership team and all our employees, unions and suppliers who have delivered the strategic objectives to bring us to this point.
“An Post has now completed its HQ move to the EXO building, concluded a transformation agreement with employees, implemented a ground-breaking Pensions deal, driven growth in the Retail business to achieve a second year of profit, and secured new ecommerce parcel contracts with Irish and global brands. We’ve also developed the world’s first trackable digital stamp and steadily reduced our carbon emissions. The company is well set to move to a new phase of transformation thanks to the foresight and hard work of officials across Government in providing this loan in 2017, now fully repaid.”
An Post Chief Financial Officer, Peter Quinn said: “The company is overcoming challenges with e-substitution, EU customs and a move away from cash payments. It is however on a sound sustainable footing financially, and is serving citizens and the economy like never before. An Post thanks the Government and its officials who worked with us to make this funding available back in 2017 when we needed it to kick-start such a major Transformation programme.”