Post office records profits jump

The Post Office says it is reacting to changes in the market

Profits in the Isle of Man Post Office jumped by 89% last year, its annual accounts showed.

Mail bosses said the £1.98m profit represented a "satisfactory year" for the organisation, which implemented a new strategic plan in 2007/08.

The plan takes account of changes in the postal market driven by developments in technology and consumer demands, the post office said.

The accounts will be presented to Tynwald on 21 October.

Chief executive Bill Chacksfield said: "These accounts represent a good year's trading for the Isle of Man Post Office.

"The introduction of the new strategic plan during the year has provided a clear direction and these results demonstrate our commitment to supporting the Island's economy and its social well-being.

"Our staff continue to play the key role in this commitment and I take this opportunity to express my gratitude for their hard work and commitment during the 2007/2008 financial year."