An Post has released its annual results early due to what the company described as its finances and business strategy being “seriously misrepresented” in parts of the media.
The company had planned to publish the results later this month.
The postal service’s annual results were released after the Minister for Communications said he was not responsible for a leak which claimed An Post is on the brink of financial collapse.
Minister Patrick O’Donovan, who is responsible for An Post, said the leak did not come from him, adding that he is satisfied that An Post is in good financial standing.
An Post’s figures show that in 2024, its revenue exceeded €1 billion for the first time.
The company said the revenue growth was driven by strong ecommerce parcel growth revenue of 12.6%, increased retail income growth of 3.8% and a 6% growth in financial services.
“These moves offset a 7.6% decline in traditional letter volumes in 2024,” An Post said.
Profit for the year before exceptional costs was €10.1m – up 12% from €9m in 2023.
“The company had net cash of €38m plus available facilities of €30m at the year end December 2024,” according to the results.
An Post Chairman Kieran Mulvey said that on behalf of the An Post Board, he is extremely concerned at the serious misrepresentation of the postal service’s finances in parts of the media.
“I wish to reiterate to An Post’s customers, suppliers and employees that An Post is a thriving company, in robust financial health, providing world class services to its customers,” Mr Mulvey said.
“An Post has a clear business strategy for continued growth in its key ecommerce and financial service businesses while overcoming inevitable challenges and continuing to work for the common good while maintaining its exceptional public service to Irish business and communities everywhere,” he added.
Mr Mulvey said: “I appreciate the clear statement by our shareholder, Patrick O’Donovan, Minister for Culture, Communications and Sport this morning regarding the strong financial footing of An Post, his commitment to the company and its business growth strategy, and his support for the company’s management and employees.”
