Jersey Post's finances continue to recover, despite mail volumes falling again.
Underlying profit for 2024 was £700,000 before tax, compared to a loss of 2023 in £900,000.
That has followed a very difficult 2022 for the island's postal service, when it was £6.6 million in the red.
Read: Jersey Post loses £6.6m amid 'perfect storm'
The group says it has refocused on core markets, reduced overheads, exited several business and simplified to get back on a firmer financial footing.
Turnover was £81.6 million last year.
The 2024 loss before taxation was £2.1m (including 'exceptional items and the loss on disposal of subsidiaries') against a loss of £100,000 in 2023.
Board Chair Kevin Keen writes in the group's Annual Report:
"When these one-off items are taken into account the underlying profit before taxation was £0.7m in 2024, compared to a loss in 2023 of £0.9m.
Despite the reported loss, net assets increased by £5.8m to £20.9m following an independent revaluation of our freehold properties that now reflects the more realistic value of our balance sheet. by £5.8m to £20.9m following an independent revaluation of our freehold properties that now reflects the more realistic value of our balance sheet."
Mail volumes continues to decline, down 10% for local letters and by more than a fifth (22%) for those UK-bound.
In January, local stamp prices increased by a third, while a UK stamp is now £1.35
Read: Jersey stamp prices to rise to 80p and £1.35
Operationally, Jersey Post continued to meet and exceed its local delivery targets, although the first half of 2024 saw persistent disruption to delivery in some UK areas due to performance issues in parts of Royal Mail’s network. Close co-operation and collaboration with Royal Mail has resulted in a sustained improvement. - Annual Report & Accounts 2024
CEO Mark Siviter says the company has made progress, but continues to face challenges.
“I’d like to thank all our colleagues for their hard work and dedication over the last year. Refocusing on our core markets of Postal, Freight and International has given us greater business resilience and financial stability.
Whilst we’ve made progress, we continue to face challenges, particularly with the continued decline in letter volumes. We’re very proud to serve our island community, and positively contribute to all three of our Government’s Island outcome indicators: community, environmental and economic.”
Jersey Post Group employs 560 people, including 360 in Jersey.
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