An Post has posted a third successive year of profit and revenue growth in 2019, but said it expects a material decline in revenues in 2020 because of the impact of Covid-19.
The company said its like-for-like profits for 2019 rose by 40% to €39m from €27m in 2018, while like-for-like revenues were up 2% to €888m.
Its pre-tax profits increased by 147% from €26.8m to €66.3m, boosted by the sale of the One4all Gift Voucher Shop business to Blackhawk Network which delivered a €40m profit for the company.
By the end of the year, An Post said it had positive cash on its balance sheet of €143m.
David McRedmond, An Post's CEO, said the company accelerated its transformation last year.
"The focus on e-commerce saw parcel volumes up 30% over the prior year and the Post Office network is replacing traditional revenues with new products and financial services," he said.
"Management, staff, the unions and the Board have worked together to accelerate the transformation of An Post from an old world of letters and cash into a new world of ecommerce delivery and financial services," the CEO added.
Mr McRedmond said an Post's plan for 2020 was for rapid digital development across all services, the move to a new headquarters and the launch of the long-term strategy based on sustainable goals.
But he said that Covid-19 "has changed all our lives".
He said that An Post is currently solely focused on delivering an essential service across both its networks to serve the people of Ireland and to assist the Government.
"While we expect a negative financial impact from mail volume decline (as many businesses not currently mailing) only partially offset by strong parcel growth, the strengthened balance sheet underpins the company," he said.
"The men and women of An Post, together with the Communications Workers' Union, are determined to deliver on our core purpose: To act for the Common Good", he concluded.
