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.
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Next generation for Guernsey
Next generation for Guernsey
Read MoreGuernsey post-rate hike ‘could drive businesses away’
Bulk Mailers’ Association chairman Rodney Brouard said that new Guernsey Post charges, sanctioned by the Office of Utility Regulation last week, could see island-based mail-order companies relocate to other more-affordable locations.
‘It is a very competitive market. The 17.5% VAT ‘loophole’ does not just apply to the Channel Islands, it applies anywhere outside Europe.’ The USA, China and Hong Kong are among the competitors. Brouard said that if bulk mailers pulled out of Guernsey, it would have a negative impact on the island economy. Guernsey Post, reacting to increased Royal Mail costs, is set to increase its bulk-mail tariff by up to 70% from August.
Cash lifeline for Guernsey sub-post offices
Guernsey Post’s dividend could be used to subsidise its rural retail outlets.
The utility paid GBP391,000 plus 20% tax to its shareholder, the States, for the year ending September 2005, according to figures released this week.
Postwatch Guernsey chairman David Inglis said that money could be used to maintain postal services that are threatened by its need to cut costs.
‘It seems strange that the States have taken about GBP600,000 from Guernsey Post in dividend and tax and we would like to see that come back to the taxpayer in the form of support to the retail network,’ he said.
Award marks return of Guernsey Post
Three years ago it would have been unthinkable that Guernsey Post could enter the Awards for Achievement, let alone win anything. But on Thursday night, in front of the cream of Guernsey’s business community, the company walked away with the coveted prize for best large business. ‘It’s pretty good,’ admitted managing director Mike Hall. ‘It’s a double whammy because it’s incredibly prestigious and it marks the turnaround and has that double feeling of success because it marks our full rehabilitation.’ Much hard work has been done since the difficult times and the success has been felt all the way through the organisation.
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