Aus Post records revenue growth and losses

Australia Post says in the first half of the 2021-2022 Financial Year, group revenue was $4.80 billion revenue was $3.87 billion and letters revenue $935 million.

The group revenue was up 10.4 per cent from 2020 while parcels and services were up 13.6 per cent, but letters revenue was down 1.2 per cent despite the large 2021 Census mailout and resulted in losses for the half of $69.9 million.

Parcels and services revenue was almost $464.5 million. The reason for this was due to 15 million people being in lockdown because of the COVID-19 Delta outbreak across NSW and Victoria. This led to the company having and delivering the highest volume of parcels ever in its history.

Asset sales and revaluations along with favourable bond rate movements underlined the improved group profit before $199.8 million tax.

Operational costs increased by 13.2 per cent on the previous year. They reflect volume increases and COVID-19’s impact on the network. Australia Post anticipates these issues will continue into the 2023 Financial Year.

“Just like many businesses around the country, we have dealt with unprecedented challenges over the past year, but the ability of our people to adapt during ongoing challenges presented by the COVID-19 pandemic has been nothing short of remarkable,” Paul Graham, Australia Post’s Group Chief Executive Officer and Managing Director says.

“Together, we worked tirelessly to manage the health and wellbeing of our people, with isolation rules and travel restrictions across different states and territories all carrying different challenges – while our people remained resilient and delivered for our communities,” he adds.

The postal delivery company says capital investment during the period increased to $217.8 million, up $28.3 million on the previous year.

This is part of the $400 million it has committed to new parcel facilities, fleet, and technology, all which it aims to make available by the middle of this year. These will help meet the growing service demands while the total investment will be more than $1 billion over three years.

It will also contribute an additional $20 million in upgrading systems to cloud-based solutions over the next year to improve parcel scanning and tracking in the network.

“I want to thank all of our people for the spirit they’ve shown and their willingness to get the job done for our customers,” Paul says. “It is a credit to all of our team members in processing, delivery, customer service, our Post Offices (including Licensed Post Offices) as well as our contractor partners.”

“Our retail network of more than 4,300 Post Offices continues to provide critical government and financial services, particularly in rural and remote Australia, where Bank@Post remains an invaluable service for communities,” he adds.

“We had 112 million visits to our corporate and Licensed Post Offices across the country in the first half, with 20 million visits alone in December.”

Australia Post also says it secured new Enterprise Agreements during the first half of the 2021-2022 Financial Year for more than 30,000 award-level employees.

Its workers along with StarTrack workers will receive a nine per cent pay increase over the next three years.

It also says it saved money by establishing business efficiency programs, including at its head office where it saved $17.1 million in support costs.

The COVID-19-induced issues and limited domestic and international flight services caused the company’s group expenses to increase by 10.2 per cent.

E-commerce’s growth is expected to remain moderate in the second half of the 2021-2022 Financial Year while letter revenue will continue to decline over the next six months, contributing to an overall loss.

Australia Post says it will release the full-year results in September. It anticipates it will record a modest profit, especially due to the ongoing uncertainty caused by the pandemic and its effects on customers.

For more information on what’s happening at Australia Post, click here.

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Aus Post records revenue growth and losses

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