An Post completes transfer of headquarters from GPO to new docklands premises

Company says transfer of 900 staff to new HQ at Exo Building on Dublin City’s North Wall Quay is substantially completed

An Post HQ has moved from the GPO but the post office and museum will remain. Picture: PA

An Post said it has completed the transfer of its headquarters from the historic GPO building in the centre of Dublin to new premises overlooking the city's docks.

In an update, the company said the transfer of 900 staff to a new HQ at the Exo Building on Dublin City’s North Wall Quay is substantially completed. 

Publishing results for 2022, the State company said its transformation, largely on hold during the pandemic, has been reignited. 

While the headquarters of the company has moved from the GPO, the post office and museum will continue to operate from there.

An Post said it recorded revenues last year of €888.1m which were level with the prior year, and earnings before interest, taxes, depreciation and amortisation (EBITDA) was €18.6m, up 15%. 

"This was delivered through a tough H1 2022 against the lockdown trading of the prior year, but a strong recovery in the second half with revenues up 3.5% on H2 2022," An Post said. 

"This recovery post-pandemic has strengthened in 2023 with revenues up 5.4% while EBITDA has improved by €12.7m versus the same period in 2022."

Financial services

The nationwide post office network grew revenues last year by 7%, as declining social welfare and over-the-counter postal services were replaced by growing financial services, especially An Post Money and Agency Banking.

In An Post's Mails & Parcel business, letter volumes continue to decline, down 5.9%. However, any drop in revenue was replaced by the inexorable growth in e-commerce and online shopping. 

In the second half of last year, parcel growth was 21% up on the same period in 2021, and 2022 growth was over 100% above the pre-pandemic level of 2019.

The company's results have also been significantly impacted by a pensions agreement resulting from the strong surpluses in the fund built up over the past decade, reversing a €440m pension deficit in 2014 by €1.1bn in growth and leading to a €666m surplus by the end of 2022. 

The company said the surplus means benefits that members forewent in that period have been restored, while the company’s contributions have been reduced from 14% to 8%.