The Isle of Man Post Office announces continued profits with growth on the previous financial year’s results. A profit of £2.8 million is reported for 2012/13 financial year up on the previous year (£2.6 million).
Geoff Corkish MBE MLC, Chairman of Isle Man Post Office said: “Our policy of diversification has been at the forefront of our strategy again this year and the financial results are testament to the steps taken so far to reinvent our business to help maintain the profitability and success of Isle of Man Post Office. However, the global postal market continues to undergo rapid change and it’s been another challenging year as traditional areas of our business remain in decline. Therefore we have continued our search for new business to bridge the growing revenue gap created by this decline.”
During the year, the Isle of Man Post Office was successfully able to replace lost revenues through innovation and by introducing new products and services into new markets.
The Post Office remains very proud of its important position in the Island’s community however globalisation and other trends in communication technology mean its major commercial opportunities lie in the UK and beyond. Importantly, securing new revenue allows the business to safeguard the high quality and scope of services it provides to the Isle of Man.
Mr Corkish said: “It remains vitally important that the business continues its current strategy, as agreed by Tynwald, in order to maintain profitability, but to ensure we introduce new products and services to suit the changing needs and expectations of customers. In addition, our standard contribution to Treasury has changed to a mandated dividend of £2 million per annum, irrespective of our profitability. Previously the contribution was 50% of our annual profit. This places enormous pressure on the business as we continually have to invest to improve our service offering and our internal efficiency.”
He added, “We are extremely fortunate at Isle of Man Post Office to have an established long-term, loyal and dedicated workforce upon whom we depend to maintain the high quality of service of which we are all very proud. I would therefore like to take this opportunity to record my gratitude for the tremendous efforts of every member of staff across the whole of our business, as well as to my fellow Board members.”
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