An Post reports rise in profits and revenue

In its 2015 Annual Report, published today (28 April), An Post has registered a profit of €8.6m compared to €3.3m in 2014. Group revenue also increased, up from €815.4m in 2014 to €826.1m.

However, An Post said that mail volumes were down 35% from their peak in 2007 – and it also claimed that it incurred losses of €32.3m in delivering Universal Service Obligation, compared to €38.2m in 2014. “This is an ongoing matter of concern despite having been reduced from a €67.3m loss in 2012,” said An Post.

An Post added: “In 2015 mails revenue totalled €526.2m, up €4.9m (1%) on the prior year. Retail revenue totalled €164.3m, marginally down from €166.1m in 2014, due mainly to a fall in the volume of social welfare benefit payments distributed on behalf of the Department of Social Protection.”

Commenting on the 2015 results, Chief Executive Donal Connell said: “Profit of €8.6m, compared to €3.3m in 2014, is significant in that we maintained our profitability in the face of a mails volume decline of 2.9%.  Group revenue continues to be very satisfactory at €826.1m.

“Our strategy of implementing appropriate pricing and cost efficiency measures in the core business while maintaining high standards of service quality, product innovation and diversification has to-date enabled the Company adequately cope with unprecedented threats and challenges.

“However, the medium and longer term issues of safeguarding the USO and sustaining a realistic, high quality Post Office network now require urgent discussion with all Stakeholders, so that the core Company can achieve the necessary level of profitability to ensure its fiscal stability.”