Post's profits rise despite it losing LVCR business

GUERNSEY POST made a profit of £700,000 last year despite battling the loss of VAT-free exports.

Guernsey Post chief executive Boley Smillie said the utility had planned to make a profit but the final figure of £700,000 exceeded the company's expectations. (Picture by Tom Tardif, 1332671)
Guernsey Post chief executive Boley Smillie said the utility had planned to make a profit but the final figure of £700,000 exceeded the company's expectations. (Picture by Tom Tardif, 1332671)

GUERNSEY POST made a profit of £700,000 last year despite battling the loss of VAT-free exports.

Figures in the States-owned utility’s annual report, for the year up to the end of March 2013, showed profit after tax was up by £200,000 on the previous year, even with the withdrawal of low value consignment relief.

However, it is also faced with an immediate funding deficit of £1m. as it looks to curb its out-of-control pension costs.

And the board made clear its displeasure with the States for a lack of progress in pushing through changes to the controversial States final salary public sector pension scheme.

Guernsey Post experienced a 37% reduction in revenue last year, totalling £19m.

Comments for: "Post's profits rise despite it losing LVCR business "

truth

Right thats because they are now fiddling LVCR via Belgium