Jersey Post reports solid growth and progress in overseas markets
Jersey Post has announced that 2014 was a year marked by strong trading results, solid revenue growth, and “progress made in securing valuable new business in overseas markets”. The company’s 2014 Annual Report and Accounts, published today (14 July), showed an increase in turnover of 3.3% to £35.4m and an operating profit before pension charge and exceptional items of £1.63m.
The company said that, as traditional mail volumes have continued to decrease, its dependency on the UK parcels and packets market has been substantially reduced and now two thirds of logistics postings are to non-UK destinations. New relationships with other global postal operators are benefiting Jersey’s fulfilment operators and Jersey Post’s overseas earnings.
Mike Liston, Chairman of Jersey Post, commented: ‘At the end of its first decade as an incorporated company Jersey Post is entering a new era of opportunity as it seeks growth in overseas territories to build new sustainable revenue streams. The business is forward looking and ready for the challenges of growth.’
In 2014 Jersey Post was recognised by the Universal Post Union (UPU) as Jersey’s designated operator. As a result of this new status, it now has “direct connection with approximately 200 postal authorities across the world, enabling Jersey Post to compete in the multi-billion pound cross-border efulfilment market, the fastest growing area in retail and e-tail”.
On the domestic front, Jersey Post said that it has introduced a number of initiatives including SecureDrop, Text & Collect. In 2015, it started rolling out an Island-wide parcel locker service following a successful pilot project.
Tim Brown, Chief Executive Officer of Jersey Post, commented: ‘Jersey Post has been through a period of significant cultural and commercial change but is now well-placed to take advantage of opportunities that exist for new income streams. These will not only benefit the business, but will enable us to continue to invest in our products and services for our core customer base in Jersey. The future is not without its challenges: situations outside of our control continue to have a potential impact on operations, service and profitability. We are confident however that our staff and our management team will meet these challenges and continue to deliver an excellent service for the people of Jersey.’
