An Post reports profits rise

An Post has reported an after-tax profit of €40.7m for 2005.

It said the profits reflect continued tight control of operational costs and the impact of the sale An it's E top-up companies in the UK and Spain, which netted €59.3m.

The annual report and accounts published today shows an operating profit of €16.2m, up from €1.8m on 2004. A provision of €40m was made towards restructuring costs arising from the major Collection and Delivery Change programme agreed late last year with the company’s main trade union, the Communications Workers’ Union.

Operating Costs decreased for the second successive year, down €16.5m to €736.7m. Payment of the full terms of the Sustaining Progress Agreement added €38m to payroll costs.

Also, it said SDS rationalisation is producing savings of more than €10m per annum and the business is now operating profitably and growth plans are being exceeded.

An Post chairperson, Ms Margaret McGinley said: “We turned the corner on this in 2004 and further progress was made in consolidating and strengthening the position of the company in 2005."