An Post has released its 2017 financial results which the Irish postal operator says represents a ‘substantial turnaround’ back to profitability and growth.

The postal operator released a statement on Thursday that said that the mid-year price increase up to €1 as well as ‘massively increased’ parcel volumes have offset the fall in mail volumes and returned revenues to levels unseen since 2008.

“With a loss of €12.4m in 2016,” said An Post, “New Era and PWC had forecast losses of €61m for An Post in 2017 if radical action were not taken. The mid-year price increases (20% average increase) combined with a reduction in costs and increased parcel revenues delivered a profit of €8.4m in 2017. Including gains from the sale of Cardiff Lane and a refinancing dividend from Premier Lotteries Ireland DAC of €9m, An Post had a profit before taxation of €49.6m in 2017.”

After a strategy review in conjunction with McKinsey & Co, An Post has split into its two main businesses – the Mails & Parcels Service and the Post Office Network. The Post Office is supporting the postal operator’s overall performance.

In addition, An Post also redesigned and relaunched its parcels service. The extension of delivery operations to Saturdays and late night cut-offs have enabled the company, in the words of its statement to, “regain significant share of the burgeoning parcels market and achieve 30% year-on year volume growth”.

Commenting on 2017 results, An Post CEO David McRedmond said: “ An Post has achieved a substantial turnaround of its business to move back into growth and profit. With the restructuring into two core businesses, the reinvigoration of management, the collaboration with the staff and Unions, especially the CWU, and the backing of Government, the future is bright. An Post is the enabler of e-commerce, and will play an increasingly important role partnering the digital economy.”

For full 2017 Annual Report see: www.anpost.ie/results2017