Guernsey Post pays £1m. in dividends to the States after announcing profit
Guernsey Post made an operating profit of £1.4m for the last financial year, an 8% improvement on the previous 12 months.
Turnover has also increased by 2% to £30.7m.
The company enjoyed strong growth in parcel volumes which has partly offset the continued fall of letter volumes. Overall the total mail delivered within the Bailiwick has declined by 6%.
Boley Smillie, chief executive of Guernsey Post said: 'We are delighted with our results over the last year, particularly in the context of the continued decline in core volumes. Our team have once again responded positively to the challenge of reaching our financial goals whilst continuing to take great pride in the quality of the services that we provide.'
Steve Lawrence, responsible for business development at Guernsey Post said: 'The enhancement to our Safeplace service and the introduction of SmartTags on letterboxes has been a real success. The take up by our customers has exceeded our expectations and the number of successful first-time deliveries has increased significantly. Our Safeplace customers no longer have to make unnecessary trips to Postal Headquarters to collect their parcels and we [Guernsey Post] also benefit by minimising the number of costly second deliveries.'
The company is also realising benefits from the deployment of its electric van fleet.
Mr Smillie said: 'In addition to the significant savings in fuel, our maintenance and servicing costs have also fallen by 35%. We believe it is a very good example of how environmental and financial efficiency targets do not need to be mutually exclusive.'
Guernsey Post is paying an ordinary dividend of £560,000 to the States and because of the strong performance a further special dividend of £500,000.
Turnover for the year was £30.7m, an increase of £0.6m (2%).
Expenditure was £29.3m, an increase of £0.5m (2%) on the prior year.