An Post turnover down more than 5%

An Post turnover declined 5.4% from €850m in 2008 to €804.2m last year, it was announced today.

The fall, attributed to a 10% fall in traditional mail volumes, resulted in an operating profit of €5.7m.

Operating costs were reduced by €20.3m to €798.5m.

Speaking at the GPO, An Post chief executive Donal Connell said that 2009 was a very difficult year for An Post’s customers.

“This was reflected in a significant downturn in mail volumes and revenues and we worked with our staff and suppliers to achieve immediate cost savings in all areas,” he said.

“Despite very challenging trading conditions, we continued to invest in those parts of the business that will secure a profitable future for An Post in an increasingly competitive market.”

An Post customers invested an additional €1.8bn in state savings products operated by the company on behalf of the National Treasury Management Agency. This product range will expand shortly with the introduction of the National Solidarity Bond which will also be sold through An Post.

The chief executive reiterated the company’s strategic commitment to broadening its revenue base by expanding its range of products and services.

“Postfone, a new value-for-money mobile phone service will be launched next month through the post office network and several new financial services and mails products will come to market this year,” he said.