Australia Post delivers record revenue for 2022

Australia Post has announced full year group revenue of $8.97 billion, representing an 8.5 per cent for the financial year 2021, which was driven by strong first-half parcels revenue.

The postal service said that during the second-half, eCommerce returned to normal growth rates and the underlying decline in letters volume continued.

Group Chief Executive Officer and Managing Director Paul Graham said that, despite the growing headwinds, this was a solid result.

“I am immensely proud of how our people have met the challenges of a global pandemic and still delivered essential services to all Australians,” Graham said.

“Not only did our team work tirelessly to keep themselves and their communities safe, but this was achieved in an environment of evolving restrictions,” he said.

“I’m pleased we were able to deliver a record number of parcels and expand our range of services, connecting all Australians during this difficult time.”

The group reported full year profit before tax of $55.3 million, including letters losses of $255.7 million, was supported by sales of surplus assets and revaluations, as well as favourable bond rate movements.

After a strong first-half profit, the second half incurred a loss of $144.5 million, which AusPost said is considerably higher than in previous years.

It also said elevated volume-related costs and COVID-19 related workforce impacts saw operational costs increase by 9.2 per cent on last year, some of which is expected to remain in FY23.

“While it’s clear more Australians are buying goods online following the pandemic, we don’t expect to see the same level of eCommerce growth. This has been demonstrated in our second-half results and, going forward, we anticipate growth to be moderate,” Graham said.

“Despite the significant financial headwinds, we are focusing on business efficiencies, while continuing to invest in our network and technology, to better meet the needs of our customers,” he said.

The group said it has invested over $1 billion within three years to better service customers, with $427 million invested in new parcel facilities, fleet and technology in FY22.

Related: Australia Post invests $400m to boost eCommerce boom

Australia Post invested an additional $17.1 million into the Licensed Post Office Network, bringing the total paid to Licensees in FY22 to $536.6 million, supporting the important role of Post Offices in communities across Australia.

Source: Australia Post newsroom. Content has been edited for style and length.