Isle of Man Post Office achieves 8% profit increase

The Isle of Man Post Office achieved an 8% increase in its profits in its 2011/12 financial year, thanks to contract wins with UK and international clients. The postal operator in the self-governing British Crown Dependency in the Irish Sea issued its latest results yesterday, reporting profits of GBP 2.6m for the 12 months up to the end of March 2012, compared to GBP 2.4m last year.

Half of the profits go directly to the island’s Treasury, but the Isle of Man Post Office (IOMPO) has also paid a GBP 2.5m dividend to the Manx government to help balance the island’s books, the second such contribution in three years.

A spokesperson told Post&Parcel that the company does not disclose its revenue figures.

Letter volumes have declined every year since 2000 at IOMPO, and continued this decline last year at a “slightly slower rate” than previously seen.

But IOMPO has been winning new business with services like data capture, scanning and fulfillment through its Integrated Mailing Solutions unit.

Geoff Corkish, the IOMPO chairman, said the profit increase was “particularly pleasing” given the difficult trading environment, both in the postal industry and the economy at large.

“In this time of significant and ongoing change, Isle of Man Post Office continues to position itself as a forward-thinking and innovative Post,” he said.

“As well as concentrating on protecting the traditional areas of our business, we are working closely with our customers to meet the challenges of a changing communications world and to protect the important role the Post Office plays in the communication chain into the future.”

Corkish said last year’s results were “significantly boosted” by contracts secured with UK and international clients, and that business off-island was needed to prop up domestic services.

“Continuing to develop our off-island customer base is essential if we are to protect the level and quality of services we provide to Isle of Man customers,” he said.