Guernsey Post annual results announcement – excellent year but challenges ahead
Guernsey Post is celebrating a successful year with a dividend payment of £610,000 to the States of Guernsey. 2008/2009 saw turnover rise to £43m and operating profit exceed £1m for the first time since 2002. The company has met all 21 operational targets for the year with overall customer satisfaction reaching 89%.
Chief executive Gordon Steele highlighted the efforts of staff and management in improving the efficiency of the operation: “This has been an outstanding year for Guernsey Post and everyone in the business should be congratulated. We’ve saved over a million pounds by making our business more efficient, and met all of our service targets. We’ve worked in partnership with our unions and this has been recognised by success in the Investors in People Standard and at the World Mail Awards.”
Chairman of the Board Dudley Jehan recognised the very strong performance this year, but warned of difficult times ahead: “Obviously we’re immensely proud of the year we have had. Paying a dividend to the people of Guernsey, for the second year running, of over half a million pounds is extremely gratifying and we hope it adds to the satisfaction people gain from their postal service.”
“The company is prospering now, but we face major challenges both immediate and in the future, including price hikes from Royal Mail, the views of the OUR on our tariff proposals and the future landscape of the postal market, plus continued UK scrutiny of Low Value Consignment Relief, which all have the potential to dramatically change our operation.
The company believes its long term success relies on successful diversification of the business. Following the acquisition of the currency exchange BATIF, Guernsey Post is planning the launch of savings products for islanders.
Mr Steele explained: “We are committed to diversifying the business and are making significant progress in our efforts to enter the personal financial services market through the introduction of savings products for local people. We believe that this can be conveniently combined with our core operations, will be profitable for Guernsey Post and will benefit the States of Guernsey through tax and dividends.”
