IOM Post Office records £2.58m in profits

Income up £2m on previous financial year

The Isle of Man Post Office has recorded a profit of £2.58m over the last year, an increase of £2m on the year before.

The figures have been shared in the post office's latest annual report.

Chief Officer Simon Kneen says the increase in headline turnover from £24.2m to £25.4m is in part due to a £1.3m increase from the core Mails division.

He says it reflects a double-digit increase in inbound parcel volumes, albeit offset by the continuation of letter volume decline.

Mr Kneen cites other key factors such as a £0.75m reduction in the current service cost of defined benefit pension scheme, driven by changing actuarial assumptions, and a £0.54m increase in interest income on cash reserves, reflecting the sustained higher interest rates throughout the period.

Alongside the financial report is the company's annual statutory board plan for 2024/25

Amongst its Key Strategic Objectives for between now and 2028 are aims such as "Becoming A Parcel Business"; the post office says it wants to increase its inbound parcel market share and parcel delivery partners by strengthening its UK supply chain arrangements.

It also wants to progress the transition of its retail network to provide what it calls "enhanced and innovative access for our customers to postal only services both online and in person, with convenient located retail services, including doorstep collections.

As part of its Universal Service Obligations, it says it will look at letter price increases to offset volume decline and inflationary costs while still offering customers value for money.

It will also look to introduce postage labels with an expiry date, and a method to invalidate old stamps.

You can find the report HERE.