Profit doubles at Jersey Post

Monday 23rd June 2008, 3:00PM BST.

A MAJOR restructuring of Jersey Post has resulted in double the profits for 2007.

The board reported profit before tax of £5.6 million, compared to £2.2 million for 2006, while turnover went up from £50.5 million in 2006 to £53.8 million last year.

This is the first full year of results since the Island’s postal service changed from a States-run trading operation to a private incorporated company overseen by a board of directors.

The increases have come from lower costs, substantial staff cuts and growth in the non-traditional areas of the business such as business and e-commerce services.

Sole shareholders the States of Jersey will not receive a dividend this year but Jersey Post will be paying back a balance of £3.2 million borrowed from the States at the time of incorporation.

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