Grant Thornton was engaged on behalf of the Irish Postmasters Union (IPU) to provide an update on the Irish Post Office Network and the services it provides in Ireland.
The objective of this update was to:
- Provide links between the services and benefits provided by the Post Office Network, and Government policy and initiatives
- Highlight and demonstrate the adaptability and flexibility of the Post Office Network.
The approach taken in developing this update has consisted of a desktop review of relevant available literature; and discussions with the IPU. This update also draws upon research conducted previously by Grant Thornton with regards to the Irish Post Office Network.
Previous Grant Thornton report
Using figures available for the 2019 financial year, Grant Thornton previously produced the Review of the economic contribution and financial sustainability of the Irish Post Office Network report.
The review was an independent analysis and evaluation of the economic contribution and financial position of the Irish Post Office Network, and the market conditions faced by Irish post offices.
The analysis in the previous report, using 2019 volume data, estimated that the Post Office Network would have an annual projected shortfall of around €17 million from 2021 onwards.
This Update Report, April 2022
Since publication of the Review of the economic contribution and financial sustainability of the Irish Post Office Network report, the Post Office Network has proactively been bridging the financial gap through multiple channels and initiatives.
The Post Office Network has further invested in its people and in its services. The Network has reacted in a positive and flexible way to current events and it has identified and developed new commercial opportunities. These events have culminated in a shortening of the annual financial gap put forward in the previous report by Grant Thornton. With recent activities, the annual financial shortfall is now estimated to be in the region of €12 million.
The landscape of the Post Office Network continues to change and adapt in line with new developments and needs, with a vast amount of untapped resource that can provide solutions to modern challenges.
This update reiterates the reasons to support the Post Office Network in light of:
- Societal patterns and behavior as communities emerge from the pandemic
- The shift towards remote working and the demand for accessible services
- Green policies and the drive to become climate-neutral by the year 2050
- New commercial opportunities developed by the Post Office Network
- The strengths of the Post Office Network and the significant opportunity that exists within its structure
- Additional services and opportunities that could be provided by the Post Office Network.