Major e-commerce boost for An Post with 40% profit rise in wake of controversial Cork move

An Post, which has recently come under fire in Cork for the closure of a key facility as well as considering a number of other consolidation measures, has reported a 40% rise in profits for 2019.The business saw a third successive year of profit and revenue growth, with like-for-like profits up 40% on prior year and like-for-like revenue up 2%.

An Post said pre-tax profits increased by 147% from €26.8m to €66.3m, helped by the sale of the One4all GVS business which delivered €40m profit.

By the year-end, it had positive cash on its balance sheet of €143m. However, it said it expects a material decline in revenues during 2020 because of the impact of Covid-19.

An Post’’s delivery business accelerated its transformation from mail which declined by 6% on 2018, it said. E-commerce parcel delivery was up 30% on 2018.

So-called "mail-centric" employees have been reduced by more than 1,000 since 2017 including the closure of Cork Mail Centre, it said.

Invoking the anger of local workers and representatives in Cork when announced last June, An Post said closure of Cork Mail Centre in Little Island was "unavoidable", with more than 200 jobs lost in a bid to save €11m.

Purported plans to close its northside and southside delivery offices in Churchfield and Togher and redeploying staff to the vacant Little Island site have also been slammed locally.