Jersey Post has today published its annual report for the year ended December 2013.
Highlights are as follows:
- Turnover was reduced by 22% to £34 million and is now almost 50% lower than in 2011 before LVCR was withdrawn for exports to the UK.
- Total core mail volumes were 3% lower than the previous year.
- Parcel volumes delivered in Jersey were some 16% higher than in 2012.
- Operating profits before exceptional costs increased by 5% to £1.1 million.
- Profit before tax was reduced by just 2% at £1.265 million
- Dividends paid to the States of Jersey totalled £1.9 million including a special dividend of £1.5 million.
- Net assets after accounting for a £5.4 million deficit on the final salary pension scheme totalled £14.2 million.
Outgoing chief executive Kevin Keen said, “2013 was Jersey Post’s first full year operating in a market place without UK Low Value Consignment Relief. The Board is pleased, that despite this, the company managed to generate a profit before tax of £1.265k, just 2% lower than in 2012, and in spite of a 22% reduction in sales. The achievement is all the more credible given the board’s decision not to implement any stamp price increase to our customers in 2013.”
Chairman, Jurat Mike Liston said, “A second year of sound financial performance in a savagely diminished local postal market is testimony to the achievements of the new executive team established in 2011. This year’s results complete the picture that was emerging last year, of an organisation which has adapted to dramatic and permanent change in its trading environment.”
Category: Finance & Business