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Guernsey Post has reported a £1.1million loss for the year ending 31 March, 2024 - an improvement on its finances compared to the year before.
The 12 months ending March 2023, saw an operating loss of £2.3m for the utility.
The figures have been published in the Guernsey Post annual report, scheduled for debate by the States later this year.
It also shows that the company handled 3.4m fewer mail items over the past year - despite the fact that inward parcel volumes continued to grow. They were up 4% year on year but inward letters were down 10%, and total outward mail was down 11%.
Guernsey Post said this was primarily due to a decrease in outward bulk mail volumes.
Pictured: Inward parcel volumes continued to grow in the year ending March 2024.
Turnover for the year was £38m, an increase of £0.7m (2%) in the year, with Guernsey Post attributing that to tariff increases on postal products and the 4% growth in inbound parcel volumes for the year.
Expenditure for the year was £39.2m, a decrease of £0.4m (1%) on the prior year.
The decrease was attributed to a reduction in staff costs (-£0.7m) after a number of employees took voluntary redundancy during the prior year. This redundancy offer had left Guernsey Post with 264 full-time equivalent staff at the end of March 2024.
Overall, Guernsey Post says it "continues to operate with a strong Balance Sheet and a healthy liquidity position".
In his Chairman's report, Rick Denton wrote that: "The postal industry continues to face many challenges, including the ongoing decline in traditional mail volumes, pressures on the ability to meet the Universal Service Obligation, and increasing competition.
"However, these challenges also present opportunities for innovation and growth. The continued growth in e-commerce has created a robust demand for parcel delivery services, and Guernsey Post is well-positioned to capitalise on this. Our strategic focus is firmly centred on unlocking and expanding parcel growth opportunities across the Group. As we embark on the new financial year, we are confident that our strategic direction, coupled with our commitment to service excellence, will enable us to achieve our goals and deliver long- term value for all our stakeholders.
"Finally, I would like to express my gratitude to our dedicated employees, whose hard work and commitment are the backbone of our success. I also wish to extend my appreciation to our customers and business partners for their continued support and loyalty over the past twelve months."
Pictured: Boley Smillie.
Guernsey Post will face other challenges in the short term, with its CEO leaving in the new year to take up a new position as Chief Executive of the States of Guernsey.
Boley Smillie was appointed as Chief Executive Officer at Guernsey Post in 2010 and since then he has led the company through a number of changes as the business has been restructured in the face of changing postal trends and developing technologies.
Other challenges will include the ongoing discussions over Royal Mail's contract which comes to an end in April, signalling the potential end of the daily 'mail plane'.
Guernsey Post has also faced some backlash - and much support - for its new myUKaddress service, which allows local customers to purchase goods from UK based retailers who don't ordinarily ship here.
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