Today (13 September) we've announced that we have made a profit for the second year running, increasing our year on year trading profit in 2017/18 to £35m from £13m in 2016/17. We’ve also increased turnover by £4m over the past year, moving from £957m in 2016/17 to £961m in 2017/18.
Customer spend and satisfaction ratings have grown in Financial Services and Telecoms, and in the extremely competitive Mails market. We continue to lead the market in Travel Money and our Banking Services business is thriving. During 2017/18 more than 125 million cash withdrawals were made from UK bank accounts at local Post Office branches and cash deposits grew by an impressive 28 per cent – due largely to the uplift in small business customers using these services.
We’ve been becoming better for customers, transforming 7,500 branches by the end of March this year and opening branches where there is unmet demand. And our commitment to local communities continues, with Post Office branches remaining in areas where banks have closed and more than 99% of the population lives within 3 miles of a Post Office.
Earlier this year, we announced our ambition to ensure that the Post Office matters even more to customers tomorrow than it does today. And this year’s ARA tells the story of a business, which through the care, challenge and commitment of its people is well of its way to achieving this. Thank you for your continued hard work and dedication.
To view the full ARA click here.