Guernsey Post gives additional £1m from profits to States

Guernsey Post has paid an additional £1m to the States of Guernsey from its 2019 financial year profits.

The company made £1.48m between April 2019 and March 2020, according to its annual report.

Guernsey Post said the profit meant it could pay the additional amount on top of the £444,000 dividend paid to its majority shareholder - the States.

Chairman of the company's board Simon Milsted said the extra money was to help with the response to Covid-19.

He said: "Guernsey Post also wishes to fully play its part in supporting the States financially... particularly in the challenging times that are currently being faced."

According to the most recent States budget, the pandemic has so far cost the States more than £120m.

Chief executive Boley Smillie said the company's profits showed they had adapted to "ongoing and significant changes" in the industry.

He said: "Whilst dealing with the consequences of Covid-19 has been at the forefront of our minds during the current year, the pursuit of new growth opportunities is central to our plans for the future."