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Post Office reports a profitable year 10 October 2008

Isle of Man Post Office’s 2007/2008 annual accounts will be officially laid before Tynwald on October 21.

Isle of Man Post Office, a Statutory Board of Tynwald, is pleased to announce that it had a satisfactory year with a profit of £1.98M (representing an 89% rise in profits over the prior year).

Chairman of Isle of Man Post Office, Mr 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.” He added: “This year witnessed the first full year of implementation of the new strategic plan for the Isle of Man Post Office. This full year result is encouraging and reflects the hard work of all members of staff of the Isle of Man Post Office throughout the year.”

Mr Crowe MLC continued:

“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”

Bill Chacksfield, Chief Executive, 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 2007/2008 financial year.”

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