A further substantial fall in operating losses at the Post Office before Network Subsidy Payment and exceptional items was today revealed as the business published its Annual Report and Financial Statements for 2014/15.
The reduction, from £93m in 2013/14 to £60m in the last financial year, provides further evidence of the business making progress towards its goal of financial stability with reduced reliance on the taxpayer.
The operating loss before Network Subsidy Payment and exceptional items has almost halved in three years while at the same time the branch network of more than 11,500 outlets has been maintained and more than 4,000 branches modernised with longer opening hours.
The Report also shows the Network Subsidy Payment received from Government to support the Post Office's branch network falling by £40m to £160m in comparison with the prior year.
Turnover was slightly down, by £3m, to £976m, with mails revenue broadly flat and encouraging growth in personal financial services, which increased revenue by 10%.
Chief Executive Paula Vennells said: "The report shows we made significant strides during 2014/15 to deliver the financial stability necessary to ensure we can continue to provide services that really matter to our customers and their communities.
"We continue to invest strongly to improve customer service, cost efficiency and revenue potential for the future."
The Report is the final overseen by outgoing chairman Alice Perkins, who announced in January that she planned to stand down after four years in post.
She said: "The Post Office looks, feels and is different four years on. It is more capable, confident and credible and therefore better equipped to face the future by adapting to the changing competitive market conditions in which it operates."
|Operating profit before exceptional items||£100m||£107m||(£7m)|
|Operating loss before depreciation, amortisation, exceptional items and Network Subsidy Payment (EBITDAS)||(£60m)||(£93m)||£33m|
About the Post Office
The Post Office (Post Office Limited) has an unrivalled national network of over 11,500 branches across the UK, more than all the high street banks combined, and sits at the heart of communities in Northern Ireland, Scotland, Wales and England. The Post Office has made a commitment to maintaining its network of branches at its current size and reach. It provides around 170 different products and services spanning financial services including savings, insurance, loans, mortgages and credit cards; Government services; telephony; foreign currency; travel insurance and mail services.
The Post Office serves over 17 million customers a week and a third of small businesses. Some 99.7% of the total population live within three miles of a post office and over 97% live with one mile of a post office. For many rural communities, the post office is the only retail outlet. Post Offices branches remain highly valued and trusted, and are the focal point of many communities. For more information, visit http://www.postoffice.co.uk/.
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