Restructured Isle of Man Post Office delivers £2m profit

[TrueBlueTerrier]

http://www.iomtoday.co.im/news/Restruct ... 4595526.jp

Published Date: 16 October 2008
RESTRUCTURING helped boost Isle of Man Post Office's accounts to almost £2 million profit.
According to the statutory board's annual report for 2007-08 revenues grew by 10 per cent during the year from £20.9m to £23.1m with an 89 per cent increase in profit.

Post Office chairman Alan Crowe MLC said: 'It gives me great pleasure to present these accounts. The profit generated for the year of £1,982,142 is very pleasing and allows the Post Office to make a direct contribution to the Isle of Man government of £891,964.'

Mr Crowe added: 'This result is all the more satisfying when considered in the context of the overall postal market, where substantial change is already being driven by developments in technology, market liberalisation and consumer demands.

'Our strategic plan recognises these changes and continues to stress the need for ongoing innovation in our products and increased customer responsiveness to enable us to succeed in this changing environment. The board is confident it can continue to meet these challenges.'

According to the report, which will be laid before Tynwald next week, much of the business improvement came from the introduction of a strategic plan that restructured the business into six business units and have it a clear sense of direction.

The report says mails had an excellent year, contributing to significantly to the improved results, while the parcels service, which is in competition with other parcel carriers, recorded 'disappointing' results given the growth of e-commerce.

The retail business – post offices and sub-post offices – had a 'promising year reducing their traditional losses through tight cost control and a substantial expansion in Foreign Exchange'.

Postal kiosks are to be introduced to improve efficiency and reduce queueing time.

An excellent year in the Philatelic Bureau was boosted by sales of memorabilia products marking the centenary of the TT.

A successful year was also recorded at the integrated mailing solutions business unit, which has been restructured to accommodate growth.

The report says Isle of Man Post Office is 'very excited with the potential of this business unit which has some very large customers in the pipeline'.

Vehicle licensing is tightly run to keep costs down while providing an Island-wide facility.

Chief executive Bill Chacksfield said: 'These accounts represent a good year's trading for the Isle of Man Post Office. The introduction of the new strategic plan during the year has provided a clear direction and these results demonstrate our commitment to supporting the Island's economy and its social well-being.

'Our staff continue to play the key role in this commitment and I take this opportunity to express my gratitude for their hard work and commitment during the 2007-08 financial year.'

[baldrick]

http://www.iomtoday.co.im/news/Restruct ... 4595526.jp
The report says mails had an excellent year, contributing to significantly to the improved results'

Does that mean an increase in mail volumes?
If so its another country reporting increased mail volumes - where's Night Tonic?