Guernsey Post is delighted to announce an operating profit of £1.4m for the last financial year, an 8% improvement on the previous year. Turnover has also increased by 2% to £30.7m.
Once again, the Company enjoyed strong growth in parcel volumes which has partly offset the continued fall of letter volumes. Overall the total mail delivered within the Bailiwick has declined by 6%.
Boley Smillie, Chief Executive of Guernsey Post said,
"We are delighted with our results over the last year, particularly in the context of the continued decline in core volumes. Our team have once again responded positively to the challenge of reaching our financial goals whilst continuing to take great pride in the quality of the services that we provide."
The Company has deployed a number of efficiency initiatives over the last year whilst also focusing on improving customer choice such as the provision of improved parcel delivery options.
Steve Lawrence, responsible for business development at Guernsey Post said,
"The enhancement to our Safeplace service and the introduction of SmartTags on letterboxes has been a real success. The take up by our customers has exceeded our expectations and the number of successful first-time deliveries has increased significantly. Our Safeplace customers no longer have to make unnecessary trips to Postal Headquarters to collect their parcels and we [Guernsey Post] also benefit by minimising the number of costly second deliveries."
The Company is also realising benefits from the deployment of its electric van fleet which in addition to the environmental advantages is also resulting in lower costs.
Boley Smillie said,
"The efficiency of our electric fleet has been a particular highlight over the last year. In addition to the significant savings in fuel, our maintenance and servicing costs have also fallen by 35%. We believe it is a very good example of how environmental and financial efficiency targets do not need to be mutually exclusive"
The Company is paying an ordinary dividend of £560k to its Shareholder, the States of Guernsey. Furthermore, in view of the Company's strong balance sheet, the Company will also be paying to the States of Guernsey a further special dividend of £500k.