IOM Post Office Profits down 66 percent

[A fool and his money.....]

17 hours ago, Non-Believer said:

@Roger Mexico was good enough to post up some of the salary structure a bit earlier in the thread.

 

Probably a lot more useful than what the rest of them do 

[A fool and his money.....]

17 hours ago, Non-Believer said:

@Roger Mexico

 

Edited November 8, 2023 by A fool and his money.....

[Maugholdmafia]

7 hours ago, Andy Onchan said:

IOMPO only made an operating profit of £165K, which is entirely different to the £542K (which includes interest received) as published by the media. And it doesn't stop there. They even had to revalue some fixed assets to cover a "Remeasurement of net defined benefit pension asset" (a loss to you and me) and that brought the final "comprehensive" income  to £430K. Without the asset revaluation the comprehensive profit would only have been £18K.

I will never forget they also fiddled the finances back in 2018 and 2019. In those years the post office made heavy losses according to all the press releases. However never mentioned they made millions selling strand street post office to 1886 and these figures were not included. Interesting that they do consider these "fixed asset" sales only to make them look good when they need to!

 

Obviously, the situation is changed now given the senior management need to make themselves look good, as they have already stripped the postal operations division to the bone and there is nowhere left to cut, apart from themselves!

 

The post office will make a loss next year. Save this post!

[woolley]

On 11/8/2023 at 2:10 PM, Andy Onchan said:

IOMPO only made an operating profit of £165K, which is entirely different to the £542K (which includes interest received) as published by the media. And it doesn't stop there. They even had to revalue some fixed assets to cover a "Remeasurement of net defined benefit pension asset" (a loss to you and me) and that brought the final "comprehensive" income  to £430K. Without the asset revaluation the comprehensive profit would only have been £18K.

I made this same point much earlier in the thread. The profit is not £542k from trading activities, it is £165k, which on a turnover of £25m is loose change. To all intents and purposes it's break even. As the business retrenches apace, the top heaviness of it is becoming more and more noticeable and difficult to justify. Perhaps they'll create a new division of Treasury and call it Logistics Audit Review or something, where these highly paid people can sit and nobody will expect an end product.

[Maugholdmafia]

https://www.manxradio.com/news/isle-of-man-news/post-office-workers-to-be-consulted-on-voluntary-redundancies/?fbclid=IwAR3n_9t4wmDCLeBUmTUpVvuahCY_vo9vZddevWlXafZ2ME2Rb-_cAnlpP5w

 

Its in the public knowledge now. Stu Peters did well to not give a number of how many roles are at risk, no doubt reading from a carefully crafted statement written by the puppet masters at IOMPO HQ

[CallMeCurious]

21 minutes ago, Maugholdmafia said:

https://www.manxradio.com/news/isle-of-man-news/post-office-workers-to-be-consulted-on-voluntary-redundancies/?fbclid=IwAR3n_9t4wmDCLeBUmTUpVvuahCY_vo9vZddevWlXafZ2ME2Rb-_cAnlpP5w

 

Its in the public knowledge now. Stu Peters did well to not give a number of how many roles are at risk, no doubt reading from a carefully crafted statement written by the puppet masters at IOMPO HQ

Not really suprising though. Now all the off-island post is at the mercy of the Steam Packet's fickle sailings and we are down to one delivery per day, on just 5 days a week. Pretty soon the sub-post offices will go one by one and if we're lucky it'll just be the town centre ones left. 

As the population ages out, it'll be even less relevant and viable and will probably accelerate the decline by hiking stamps to £2 in a last gasp try and protect the higher ups salaries and pensions.

[x-in-man]

Is this just because it comes over in one trailer and does not have loaded into umpteen wagons for the back and forth transport?

 

[Non-Believer]

39 minutes ago, Maugholdmafia said:

https://www.manxradio.com/news/isle-of-man-news/post-office-workers-to-be-consulted-on-voluntary-redundancies/?fbclid=IwAR3n_9t4wmDCLeBUmTUpVvuahCY_vo9vZddevWlXafZ2ME2Rb-_cAnlpP5w

 

Its in the public knowledge now. Stu Peters did well to not give a number of how many roles are at risk, no doubt reading from a carefully crafted statement written by the puppet masters at IOMPO HQ

Up to 21 people have been formally warned for redundancy initially, mostly contracted part-timers, many additional casuals have already "gone". The long-servers/full timers enjoy more protection, care of their T&Cs and their union.

To blame this entirely upon the loss of the airmail however is nothing less than mendacious. There is also the loss of the Parcelforce contract which has not been mentioned and the change of priority, putting parcels (much business which they've now lost) over letter and packet mail.

[Banker]

1 hour ago, Non-Believer said:

Up to 21 people have been formally warned for redundancy initially, mostly contracted part-timers, many additional casuals have already "gone". The long-servers/full timers enjoy more protection, care of their T&Cs and their union.

To blame this entirely upon the loss of the airmail however is nothing less than mendacious. There is also the loss of the Parcelforce contract which has not been mentioned and the change of priority, putting parcels (much business which they've now lost) over letter and packet mail.

You’re just trying to make up more bollocks to try & justify your original post about redundancies. Obviously less staff are required to unload a container then multiple vans going back & forth from airport every day, the parcel machines need reduced numbers & letters numbers  are dropping quickly worldwide.

[woolley]

6 minutes ago, Banker said:

You’re just trying to make up more bollocks to try & justify your original post about redundancies. Obviously less staff are required to unload a container then multiple vans going back & forth from airport every day, the parcel machines need reduced numbers & letters numbers  are dropping quickly worldwide.

Yes, but the loss of the Parcelforce contract has to be the thing that's bringing this to a head right now. The business is already virtually at break even.

[Roger Mexico]

29 minutes ago, Non-Believer said:

To blame this entirely upon the loss of the airmail however is nothing less than mendacious. There is also the loss of the Parcelforce contract which has not been mentioned and the change of priority, putting parcels (much business which they've now lost) over letter and packet mail.

It's worth listening to the clip on the Manx Radio piece.  It's actually a question (#16) from Moorhouse in this morning's Keys and Stu Peters clearly tries to blame it on the change to the boat, even though a change in delivery mode and arrival point would have no direct effect on the volume and so be unlikely to require redundancies. You have to ask yourself why politicians continue to allow their officials to make then recite such obviously untrue guff.

Naturally Moorhouse missed this open goal, but he did get further info where Peters claimed that no delivery staff would be affected and those involved were engaged in "under the roof activities".  No management had been sent any letters.

[Banker]

50 minutes ago, woolley said:

Yes, but the loss of the Parcelforce contract has to be the thing that's bringing this to a head right now. The business is already virtually at break even.

Not sure but I don’t think parcel force is a Hugh volume, it’s Amazon & other retailers who are the biggest volume 

[Non-Believer]

1 hour ago, Banker said:

You’re just trying to make up more bollocks to try & justify your original post about redundancies. Obviously less staff are required to unload a container then multiple vans going back & forth from airport every day, the parcel machines need reduced numbers & letters numbers  are dropping quickly worldwide.

More groundless fantasy from the forum's major purveyor.

Approximately 8 people are directly affected by the loss of the airmail operation. That is clearly fewer than the 21< who have been notified. The airmail operation involved 3 vans in one daily 6AM run to the airport and return to Douglas Sorting Office, plus processing is @ 8 people. The volume of airmail lost should be replaced by customers using the new 48 Tracked service and reverting to standard mail for their despatches.

If this 21 is only down to the loss of the airmail operation then there will be a lot more to come when the effects of the loss of Parceforce comes into effect....Stu Peters is just unquestioningly regurgitating management bollocks.

[Gizo]

Also of note that the Chairperson thanks Banker of his expertise and knowledge.  Says it all. 
Peters forgot to tell Tynwald the number of casual staff the post office laid off in the last month or so. Funny that the manager who ‘manages’ the casual, permanent part time staff who now hasn’t any staff to manage has still got a job. 

[The_Wolf_of_George_Street]

I suspect that the job losses are a result of there being no outward sortation anymore... All mail going to the UK is effectively put into containers and sent to Preston Mail Centre for sorting... The Post office has effectively closed the Mail Centre element of the Post office HQ ... Nothing to do with switching from an aircraft to sea transport