Isle of Man Post Office (IOMPO) is committed to looking at ways in which it can best secure prosperity and has developed a five-year strategy to address a number of widespread industry challenges that the business is facing.
Our statutory board plan 2023-24 (see link below) provides an update on our progress in the last 12 months as well as the focus areas for the year ahead. It’s been a busy year for the business as we have continued our transformational journey and evolving purpose with the introduction of our first parcel automation machine, just one aspect of our increasingly parcel focused strategy, recently refreshed and extended to 2027/28. It’s also been a historic year for us as we have celebrated the business reaching its 50th anniversary with our valued people and customers alike.
It’s very pleasing that for the third consecutive year we have reported a profit and this a reflection of the hard work being undertaken with regards to the modernisation strategy by our hardworking team. However, maintaining profitable trading is not without its challenges as the postal industry continues to see inherent letter volume decline, highly unpredictable commercial parcel volumes, and sharply rising operating costs.
Our statutory board plan 2023-24, along with our Report and Financial Statements for the period ended 26th March 2023, will go before Tynwald at the November 2023 sitting.