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An Post cut loss, Savings top E18bn

Thursday, April 24 13:57:07

An Post had an operating loss of E11.4 million before exceptional items last year compared to E17.5m the year before while its State Savings fund grew by E1.9bn to over E18bn.

Its annual report out today shows that An Post Group turnover was E811.7m, an increase on the 2012 figure of E807.3m.

An exceptional credit of E17.1m (relating to the accountancy treatment of the change in the Pension Scheme, together with an offset to provide for future voluntary severance / voluntary early retirement payments), resulted in an overall group operating profit of E5.7 million and a profit after tax of E5.9 million.

Commenting on the 2013 results, An Post Chief Executive, Donal Connell said the company is now stronger and better prepared for the future.

"This positive progress has strengthened the Company as it faces the challenges ahead. We continued to focus on cost containment, productivity and efficiency improvement alongside strategic investment in revenue-generating business streams across letters, parcel, retail and financial services and Group Companies," he said.

"Our ongoing investment in world class mails infrastructure and innovation has enabled us to capitalise on consumer trends and to win new national and international business resulting in a 22pc increase in our contract parcels volume, a revenue stream that we intend to grow steadily. Quality of service performances of 94.7pc for inbound and 89.5pc for outbound international mail once again exceeded targets. This is of key importance to customers and for winning new business," he added.

Looking to the future Mr Connell said that An Post continues to operate in a difficult trading environment.

"We are also keen to develop further products and services to facilitate the government's drive for greater efficiencies. We continue to develop initiatives to support the delivery of parcels and packets, new investment products and the development of our retail business. In the context of financial inclusion, we believe that An Post can facilitate the effective introduction of a Basic Bank Account. We aim to play our part in the implementation of this important aspect of Government policy."