An Post reports 7% rise in revenues

An Post has today reported a 7 per cent or €57

An Post has today reported a 7 per cent or €57.2 million rise in revenues to €876 million last year, helped by an increase in mail during the general election.

The postal service's operating profit before exceptional items increased to €29.1 million compared with €14.7 million during the pervious year.

The company said delivery of items purchased online, and exceptional volumes generated during the election contributed to a growth in the volume of mail delivered.

Increases in the cost of postage introduced in March 2007 had contributed to an growth in revenue from mail delivery.

The company said wages and other staff costs increased €32 million to €600.9 million, with labour costs for its 9,905 staff rising as a result of the implementation of national wage agreements.

To meet the cost of the additional production hours associated with the general election the company incurred once off costs of €10.7 million. This total included an agreement reached with postmasters this year.

Over the year the average number of staff employed declined by about 90.

Other operating costs rose by 6.3 per cent to €245.9 million reflecting an increased marketing spend and upgrading of the An Post fleet.

The accounting deficit in An Post's pension scheme showed a deficit of €114 million last year, down from €193 million the previous year.

Last year also marked the start of the 50-50 Postbank joint venture with Fortis which will is offering banking services out of more than 250 post offices.