An Post to receive €30m boost from global postal body

An Post is set to receive €30 million more in revenue across the next six years following a package of major reforms agreed by a body which sets policy for the worldwide postal system.

The Universal Postal Union, which is a specialised agency of the United Nations, made the decision at its congress in Geneva, Switzerland on Wednesday evening. The reforms, which apply to revenues arising from smaller ecommerce parcels, were welcomed by the An Post chief executive officer, Dave McRedmond.

Mr McRedmond said that the agreement “is another step in fixing the core economics of An Post. It follows a similar agreement achieved last year with EU countries. The team at An Post and officials from the Department of Communications have worked extremely hard to achieve a fair international settlements regime.”

An Post reported an €8 million increase in operating profit in 2017 when publishing annual results earlier this year. Operating profits for the year came in at €41 million on revenues of €897 million, which also grew 7 per cent.

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The semi-state company has been undergoing a strategic reorganisation in recent years in response to changing consumer behaviours and technological changes.

The Universal Postal Union coordinates postal policies among member nations and the worldwide postal system. It sets rules for international mail exchanges and makes recommendations which are aimed at stimulating growth in mail, parcel and financial services and improving quality of service.