An Post reports “substantial turnaround” and return to profitability

An Post reports “substantial turnaround” and return to profitability

Ireland’s An Post has released its 2017 results following their approval by the Cabinet this week – and the company says they represent a “substantial turnaround” with a return to profitability and growth.

In a statement sent to Post&Parcel this morning (19 April), An Post said that the mid-year price increase to a €1 stamp, and “massively increased” parcel volumes offset the declined in traditional mail volume and brought revenues back to back to 2008 levels.

“With a loss of €12.4m in 2016,” said An Post, “New Era and PWC had forecast losses of €61m for An Post in 2017 if radical action were not taken. The mid-year price increases (20% average increase) combined with a reduction in costs and increased parcel revenues delivered a profit of €8.4m in 2017. Including gains from the sale of Cardiff Lane and a refinancing dividend from Premier Lotteries Ireland DAC of €9m, An Post had a profit before taxation of €49.6m in 2017.”

Following a strategy review with McKinsey & Co, An Post split into its two major businesses, the Mails & Parcels Service and the Post Office Network, which the company said is supporting its performance.

An Post has also relaunched and redesigned parcels service. According to An Post, the extension of the delivery service to Saturdays and late-night cut-offs has allowed the company to “regain significant share of the burgeoning parcels market and achieve 30% year-on year volume growth”.

Commenting on 2017 results, An Post CEO David McRedmond said: An Post has achieved a substantial turnaround of its business to move back into growth and profit. With the restructuring into two core businesses, the reinvigoration of management, the collaboration with the staff and Unions, especially the CWU, and the backing of Government, the future is bright. An Post is the enabler of e-commerce, and will play an increasingly important role partnering the digital economy.”

For full 2017 Annual Report see:  www.anpost.ie/results2017

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