Jersey Post Reports £700,000 Profit on £81.6 Million in Revenue

Jersey Post Returns to Profit with £700k Gain on £81.6m Turnover

Jersey Post reported a pre-tax profit of £700,000 for 2024, reversing a £900,000 loss the previous year. The company achieved an annual turnover of £81.6 million.

The turnaround follows a strategic overhaul, including the sale of its two US subsidiaries and digital services firm Vaiie. The organisation has since refocused on its core operations—postal services, freight, and international logistics—while implementing cost-cutting measures to improve financial stability, according to its 2024 annual report.

Jersey Post employs 560 staff across the Channel Islands and the UK, with 360 based in Jersey.

Chief Executive Mark Siviter acknowledged that the company still faces significant challenges, particularly the ongoing decline in letter volumes, which have fallen by 30% since 2021. This trend persists despite a freeze on local and UK stamp prices.

Turnover in 2024 was down 2% from the previous year, largely due to decreased revenue in the global logistics division.

Commenting on the company's previous strategy, Siviter admitted: “The plan to build a diversified business through a global network of companies has not succeeded.” He emphasized a renewed commitment to Jersey Post’s core markets, noting the competitive nature of the sectors and the importance of scale to achieve meaningful returns.