Australia Post revenues and profits up strongly

Australia Post reports revenues jumping 10.3% to AUD $8.27 billion (£4.4bn) and profits up by nearly 88% to just over $100 million (£53 million) in the financial year ending 2021. This has been driven by parcel revenues growing 17.7% to $6.48 billion (£3.45 billion). 

The postal operator’s cross-border e-commerce business also did extremely well with revenues up 90.6% to $429 million (£228 million) on 40 million parcels delivered.

The growth in profit before tax came despite disruptions to its network operations, the need for additional resources during lockdowns and reduced transport capacity in the face of a spike in demand for parcels.

Letter revenues however plummeted by 11.6% to $202 million.

Acting CEO Rodney Boys said “The strength of e-commerce – up 31.8 per cent as Australians took to online shopping in record numbers – has supported the result, as did the temporary regulatory changes which allowed us to meet the significant parcel demand and ongoing mail delivery.”

“It is fitting that we recognise our people through the positive vote for the new Enterprise Agreement which preserves existing terms and conditions while delivering a 3 per cent pay rise for each of the next three years, for over 31,000 people across the deliveries, Post Office Network, customer services and office teams.”