Jersey Post suffers losses of £6.6 million in 2022 as business costs rise

Jersey Post reported losses of £6.6m in 2022, according to the company's annual report.

A global rise in costs, changes in consumer behaviour, and strikes in the UK were all important factors in what was a difficult year for the business.

They all contributed to a 10% drop in inward mail to Jersey across the year.

Crucially, there was a 46% decline in gross margins for the company as day-to-day prices skyrocketed across the board.

The losses of £6.6m in 2022 compared with those of less than £1m in 2021.

Although current forecasts predict 2023 will be a loss-making year for the company, it's now focusing on diversifying the business to ensure losses fall over the next two years.

This means Jersey Post's freight business, Woodside Logistics, will become more important - last year, it increased its volume by 43%.

Meanwhile, its technology company, Vaiie, is working with the government to develop a digital identity verification option for islanders, enabling them to access services online.

It's also pushing for a stronger presence in the USA as it expects substantial growth within the country's market over the next few years.

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