Post’s profits rise despite it losing LVCR business
Thursday 4th July 2013, 1:00PM BST.
GUERNSEY POST made a profit of £700,000 last year despite battling the loss of VAT-free exports.
Figures in the States-owned utility’s annual report, for the year up to the end of March 2013, showed profit after tax was up by £200,000 on the previous year, even with the withdrawal of low value consignment relief.
However, it is also faced with an immediate funding deficit of £1m. as it looks to curb its out-of-control pension costs.
And the board made clear its displeasure with the States for a lack of progress in pushing through changes to the controversial States final salary public sector pension scheme.
Guernsey Post experienced a 37% reduction in revenue last year, totalling £19m.