GUERNSEY POST has returned an operating profit of more than £1m. for the first time since 2002.

The States-owned utility saw turnover rise to £43m. for the financial year ending 31 March – up £6.5m. from 12 months earlier. Before-tax profit was also marginally up at £2.456m.

And for the first time since the island’s regulatory regime was established, the company hit all 21 operational targets set by the Office of Utility Regulation.

‘This has been an outstanding year for Guernsey Post and everyone in the business should be congratulated,’ said chief executive Gordon Steele (pictured).

He picked out the dividend payment of £610,000 to the States as another highlight, particularly as the company had done it during a year in which it had made a number of investments such as the move to a new head office in Smith Street and the acquisition of the currency exchange business Batif.

Mr Steele said the long-term success of the company relied on successful diversification as demonstrated by the Batif purchase, and the planned launch of savings products for islanders by way of local ‘post bonds’.

‘People are sending less mail so we can’t rely solely on that. From April, UK mail to Guernsey is 16% down.’

However, this was cancelled out by the success of the bulk mail industry and several key customers who increased their sales in the UK and Europe which resulted in a 6% rise in total mail volume handled to 70 million.