Isle of Man Post Office, one of the statutory boards of Tynwald, announces continued profits with growth on the previous financial year's results. Profit of almost £2.6 million is reported for the 2011/12 financial year, up on the previous year (£2.4m).
Geoff Corkish MBE MHK, Chairman of Isle of Man Post Office, said:
"The results for the last financial year are particularly pleasing given the background of a continued difficult trading environment, both within the global postal industry and the broader economy. In this time of significant and ongoing change, Isle of Man Post Office continues to position itself as a forward-thinking and innovative Post. Indeed the results of the financial year have been significantly boosted by the contracts we have successfully secured from UK and international clients. Continuing to develop our off-Island customer base is essential if we are to protect the level and quality of services we provide to Isle of Man customers. As well as concentrating on protecting the traditional areas of our business, we are working closely with our customers to meet the challenges of a changing communications world and to protect the important role the Post Office plays in the communication chain into the future.
It remains vitally important that the business continues this policy of diversification, as agreed by Tynwald, in order to maintain profitability, but to ensure that we introduce new products and services to suit the changing needs and expectations of customers."
He continued:
"In addition to the standard contribution to Treasury of 50% of these profits, such financial results have enabled the business to comply with a direction from Treasury to make payment of an additional £2.5 million out of our reserves into the general revenue of the Island, to assist in the challenge of balancing the Island's budgets. This is the second additional contribution of this level the Post Office has made in three years. The volume of letters posted on the Isle of Man has declined every year since 2000 and this continued in 2011/12, albeit at a slightly slower rate than we have previously seen. Nevertheless, the changing social trends of our customers are continuing to show a reduction in the number of people sending physical mail year on year.
In conclusion I would like to take this opportunity to record my gratitude for the tremendous efforts of every member of staff right across the whole of our business. Our people remain our biggest asset and are at the heart of our business. We continue to rely upon the established long term loyalty and commitment of our staff to maintain the high quality of service of which we are all very proud."
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