No compulsory closure of post offices as An Post reports E8.4m profit

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An Post says it has agreed with the Postmasters' Union that there will be no compulsory closure of offices.

It comes as the mail provider reports an €8.4 million operating profit for last year, compared to a €12.4 million loss in 2016.

This was due in part to the sale of a sorting office, a hike in stamp prices and job cuts.

The price of a stamp for a standard domestic letter increased from €0.72c to €1 on 13 April 2017 while the international letter rate went up from €1.10 to €1.35.

An Post Chief Executive David McRedmond says they will also be announcing a significant investment by the end of the week.

"The number is €50 million being invested in that network over the next number of years and there will be no compulsory closures," said Mr McRedmond.

"Inevitably there will be some degree of consolidation but we are coming with a guarantee of post offices in every community with over 500 people with a range of new services, particularly local banking in which An Post is becoming almost the most important operator."