Date: Friday 20th October 2023
Isle of Man Post Office (IOMPO) has published its annual statutory board plan for 2023-24, which will go before Tynwald next month (November). The same Tynwald sitting will see IOMPO’s annual report and financial statements for the period ended 26th March 2023 laid.
Stu Peters MHK, Chairman of Isle of Man Post Office, said: “Our Annual Plan provides an update on our progress in the last 12 months as well as the focus areas for the year ahead. It’s been a busy year for the business as we have continued our transformational journey and evolving purpose with the introduction of our first parcel automation machine, just one aspect of our increasingly parcel focused strategy, recently refreshed and extended to 2027/28. It’s also been a historic year for us as we have celebrated the business reaching its 50th anniversary with our valued people and customers alike.”
He added: “It’s very pleasing that for the third consecutive year we have reported a profit and this a reflection of the hard work being undertaken with regards to the modernisation strategy by our hardworking team. However, maintaining profitable trading is not without its challenges as the postal industry continues to see inherent letter volume decline, highly unpredictable commercial parcel volumes, and sharply rising operating costs.”
During the year IOMPO has continued to make progress improving its green credentials with the introduction of further small changes as well as submitting a funding application to the Climate Change Transformation Board to support the installation of solar panels at Postal Headquarters. Despite being unsuccessful in its bid, the IOMPO Board are proceeding with this from internal resources and will launch a tender in 2024.