THE huge cost of Guernsey Post’s failed savings bank could have been the cause of the chief executive’s shock resignation, according to the head of an industry body.
Gordon Steele news
Post’s profits hit by ‘exceptional items’
Guernsey Post’s profit for the year to 31 March 2010 was £1.2m, but this was reduced to £0.162m by ‘exceptional items’ – pension provisions and the product write-off of £860,000 on developing a savings bank.
‘Postal trade is dying and banking is the way to go’
GUERNSEY POST’S business is dying, according to its chief executive.
Efficiency pays off at Guernsey Post
GUERNSEY POST has reported savings of almost £1m. following reorganisation and a 10% cut in the workforce.
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