Organisation reports deficit for third consecutive year
The Post Office lost half a million pounds in the last financial year.
It's after the amount of letters posted fell by 8 per cent down to 17.4 million items this year, compared to 19.3 million in 2019.
Though parcel deliveries increased, it wasn't enough to compensate for the drop.
Loss-making sub post offices in the retail network cost the board £1.25 million, though some have closed or are being downscaled.
It's part of the retail modernisation strategy approved by Tynwald this year, which is hoped to see the organisation return a profit by 2023/2024.
This year's loss could have been greater had the Treasury not chosen to forgo the £500,000 levy on post office coffers.
It's the third year in a row the organisation has reported a deficit, though the figure has reduced since 2019, when it was £662k.
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