Jersey Post delivers £700k profit on £81.6m sales

Jersey Post delivered an £81.6m turnover last year, with a £700,000 profit before tax.

This reverses a £900,000 loss in 2023 for the company, which employs 560 people in the Channel Islands and the UK, including 360 in Jersey.

The company sold off its two US businesses and digital management company Vaiie and "refocused" on core markets of postal, freight and international, and cut overheads to restore financial stability, according to the 2024 annual report.

Chief executive Mark Siviter warned it continued to face challenges, particularly with the "clear and irreversible" decline in letters, which had seen a 30% decrease since 2021.

He said this was despite the decision to hold local and UK stamp prices this year.

The company's turnover in 2024 was 2% lower than the previous year, which the company said was due to lower sales in its global logistics division.

Mr Siviter added: "The strategy to build a diversified business based on a global network of companies has not succeeded."

Instead it is focusing on core markets.

He said: "The markets we operate in are highly competitive with traditionally low margins, scale is required to deliver material returns."

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