An Post has reported what it says is a record trading profit of €31.2m for last year. This was up from €29.1m in 2007. Profit after tax, however, was down by more than €10m to €33.2m.
There was a 2.9% drop in turnover to €850m, reflecting a 2% drop in mail volumes over the previous year.
An Post says that over the past five years it has achieved a €75m turnaround in operating profits.
It says its performance in 2008 was helped by growth in mail volumes in the first half of the year, a strong retail performance, savings made under its transformation programme and strict cost control.
An Post chairman John Fitzgerald said a prudent approach must continue as it was the company was now in a 'radically different economic environment'. He said the company had to remain viable as it moved towards 2011, when the postal market will be open to full competition.
An Post says its retail business performed 'very strongly', with significant growth in financial services products and a steady increase in social welfare payments.
