Post Office to report revenues of half a billion

The Post Office will report revenues of £501 million today as it publishes figures as an independent business for the first time in its 370-year history.

The firm, which split from the Royal Mail Group in April, has grown turnover in the first six months of this financial year from £485 million during the same period in 2011.

It has seen increased business in financial services, retail and its telephone division as well as the mail. It said the traditional postal service has seen strong demand for packets and premium mails products such as Special Delivery.

Operating profit for the six months to 23 September was £61m, up from £56m last year. However, that figure includes a state subsidy payment of £103m, £13m more than the year before.

The Post Office says it intends to become “financially sustainable” by growing its businesses and generating higher profitable revenues.

As part of the largest investment and network support programme in its history, more than 250 branches have been converted into more modern retail outlets with extended opening hours in a bid to modernise the network.

During the period, the Post Office also extended its partnership with Bank of Ireland for a further three years to continue providing financial services across its network.