We’re delighted to say that earlier today, it was announced that the government will provide £370M of funding to enable us to continue to grow and modernise our network of Post Office branches.
This announcement comes as we publish our Annual Report and Accounts which reveal a profit of £13M - the first time our business has recorded a profit in 16 years.
We’re continuing to develop and grow our services, becoming better for customers and communities – extending branch opening times by 220,000 hours each week, becoming the largest Sunday retailer in the UK and improving access to essential services such as everyday banking for personal and business customers of all major UK banks.
Business Secretary Greg Clark explained the Government’s decision, saying “The Post Office is at the heart of communities across the UK, with millions of customers and businesses relying on their services daily, including everyday banking. The Post Office has moved into profit and its branch network is in a period of unprecedented stability. I am delighted to announce a further £370M of funding for the network to ensure it continues to grow and develop for years to come.”
Our Group CEO Paula Vennells said “We’re fulfilling the promises we have made, and this is recognised by the Government’s further investment in the Post Office, which will enable us to continue transforming the business to meet our customers’ changing needs – a transformation that has already seen us make significant progress. For over 370 years, the Post Office has stayed relevant to communities the length and breadth of the UK by changing and adapting. With the Post Office now trading at a profit, we are better placed than ever to embrace the future. By continuing to invest in Post Offices, in our digital channels, in support services and - most importantly – by putting our customers first, I am confident that the Post Office is absolutely ready to take on the opportunities and challenges ahead.”
Needless to say this is fantastic news for our wonderful business. We’ll be talking to colleagues and postmasters in greater detail about what this funding means for us in the New Year. And colleagues currently working in programme funded roles will be contacted directly in the coming days.
Finally, thank you to our postmasters, colleagues, partners and of course customers, for your unwavering support over the past years. This is a hugely exciting moment in the Post Office’s history and we look forward to continuing to work with you in the New Year.