POST OFFICE RELEASES ANNUAL REPORT & FINANCIAL STATEMENTS
Post Office’s official financial report for 2021/22 has been released. The annual report outlines Post Office's financial condition and operations from the previous year.
According to the document, trading profit for Post Office improved by £7 million to £42 million (2021: £35 million), primarily as a result of the relaxation of COVID-19 limits in the year's last three months. Travel-related products, such as travel insurance and travel money, as well as increasing banking volumes brought on by the relaxation of lockdown regulations and a rise in client use of post offices for banking services, served as the main drivers of this increase. When social distance constraints loosened and customers relied less on letter and parcel services to stay in touch, this was countered by a decline in mail trading from the previous year.
View the Report
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Here are some figures that PO highlighted in the report:
Mails
Mails includes the sale of parcel labels, special delivery and home shopping returns along with other mails products provided by Royal Mail, Parcelforce, DPD and Amazon. Underlying mails trading decreased by £41 million to £356 million (2021: £397 million) with labels and “signed for” decreasing by 6%. This volume drop was largely a result of fewer retail and travel restrictions operating in this financial year.
Retail, Lottery & Gift Cards Revenue has remained flat to the prior year, with Lottery decreasing £2 million to £26 million, offset by a £2 million increase in Gift Cards revenue. Government Services Government services relates to Home Office passport applications, DVLA services and UK Visas and Immigration residency permits. Revenue has increased by £7 million to £21 million (2021: £14 million) due to easing of international travel restrictions improving passport volumes from the prior year, along with a greater requirement for UK visas post-Brexit. Banking Services & ATMs Revenue has increased by £25 million to £230 million (2021: £205 million). Due to reduced volumes in the prior year, fixed fee decreased by £5 million to £85 million (2021: £90 million). PO state that this was more than offset by growth in banking services deposits revenue which increased by £25 million to £90 million (2021: £65 million). Transactional Financial Services Transactional Financial Services products including travel money, MoneyGram and Postal Orders. Revenue increased by £2 million to £60 million (2021: £58 million), predominantly due to improved Travel Money sales as COVID-19 related travel restrictions eased throughout the year. To read the entire document, click the button below. |
Tags: Business, Business Rates, Finance, Post Office