IOM Post Office Profits down 66 percent

[SuffolkNGoode]

I do wonder for the future of the PO based at least on it's near total dependence on letter delivery.

The service has worsened quite significantly over the past 4-5 years, time was you could almost guarantee next day delivery/receipt to/from UK now it seems we have to allow at least a 5 working day timeframe.

Don't get me wrong, I cut my cloth accordingly, although it seems as each month passes recently, I am adding a day to the date I can expect/estimate delivery.

Price increases have been acceptable over the past five years - I think around 54% overall for that period but the service is very poor by comparison.

I echo most thoughts on here that the usual IOM PS bloat will change matters even more significantly soon and the business will struggle.

[Non-Believer]

1 minute ago, SuffolkNGoode said:

I do wonder for the future of the PO based at least on it's near total dependence on letter delivery.

The service has worsened quite significantly over the past 4-5 years, time was you could almost guarantee next day delivery/receipt to/from UK now it seems we have to allow at least a 5 working day timeframe.

Letter mail priority and handling was reduced by the PO in favour of the more profitable parcel handling and business.

Much of which has now just been lost to the PO by Royal Mail's new choice of local handler.

[Non-Believer]

41 minutes ago, Roger Mexico said:

There's only one on £125+ according to the accounts, though the wage structure is interesting:

I suspect few of the 18 on over £50K spend much time putting things through letterboxes.

(Obviously mainly posting to provide actual link to the accounts).

Lob in some of the generous annual  "bonuses and incentives" paid to management, Roger, and those figures change even more.

The whole situation is symptomatic of everywhere else in the IoMPS. Legacy bloat and terms in management that apparently can't be touched for fear of legal contest and in a competitive market it's a lead weight around the neck.

Edited October 22, 2023 by Non-Believer
Extra bit

[Two-lane]

1 hour ago, Roger Mexico said:

There's only one on £125+ according to the accounts, though the wage structure is interesting:

Para 13:

Board Members and Executive Directors £467,754

Is that in addition to the other salaries?

 

[Roger Mexico]

55 minutes ago, Non-Believer said:

Lob in some of the generous annual  "bonuses and incentives" paid to management, Roger, and those figures change even more.

'Remuneration' in the Accounts should include all payments including bonuses etc.  As you say the basic pay may be less.  Though three people on over £100,000 in such a small operation is quite striking enough.

5 minutes ago, Two-lane said:

Para 13:

Board Members and Executive Directors £467,754

Is that in addition to the other salaries?

No that will be the remuneration of the 'Executive Team': Simon Kneen, Chief Executive Officer; Lisa Duckworth, Chief Operating Officer; Martin Kneale, Finance Director.  Presumably the three paid over £100K to start with.  But that number also includes " includes contributions to the defined benefit pension scheme and employers National insurance payments) in the year" which is why the total will be higher than even the maximum in those ranges combined.

There will also be some payment to the three Non-executive Directors included, probably in the low thousands each, judging from other Boards such as Manx Radio.  The Chair is paid an extra 5% of Tynwald salary (so about £3,500) but that is paid by Tynwald.  The Vice Chair is unpaid.

[Banker]

5 hours ago, Non-Believer said:

Full time delivery and sorting posts have been cut, being replaced with part timers and ZHC with no entitlement other than the hours they are asked to work. The problem causing the losses clearly cannot lie here then.

The problem lies in Executive (3 on £125k+ each pa) and management and administration numbers and remuneration. Increasing numbers of "project managers" whose only projects appear to be overseeing the PO losing business to competitors, such as the recent Parcelforce loss and the earlier Yodel loss which was then farmed back to the PO by MIC at much less than had been previously paid.

Heads need to be rolling within the management structure but as with any other Govt operation it won't happen, blame and cuts will be directed towards the grass roots.

Can you provide evidence showing the increasing management & project numbers each year plus where the executive salaries of £375k are shown as I can’t see it anywhere, perhaps you’re a forensic accountant? Or if no evidence as usual 

[Mercenary]

16% of their revenue just on pension deficit alone. This will presumably become an even higher proportion in the short term as postal revenue drops. 

[Non-Believer]

36 minutes ago, Banker said:

Can you provide evidence showing the increasing management & project numbers each year plus where the executive salaries of £375k are shown as I can’t see it anywhere, perhaps you’re a forensic accountant? Or if no evidence as usual 

You can't see rather a lot of things, most of your content on these boards is evidence of that. Or total guesses and opinionated fabrication.

[Banker]

11 minutes ago, Non-Believer said:

You can't see rather a lot of things, most of your content on these boards is evidence of that. Or total guesses and opinionated fabrication.

So you have no evidence as usual , total guesswork and fabrication!

[Non-Believer]

4 minutes ago, Banker said:

So you have no evidence as usual , total guesswork and fabrication!

Presumably following the teaching profession, posties are to be the next step along your road of paranoid vitriol.

You need to look deeper than the published figures, there is a lot that they would rather is not in the public domain.

[Mr Helmut Fromage]

Simon Kneen is Chief Executive a former mid level IT manager at Zurich/Eagle Star - CTRL ALT + DELETE.

Daniel Davies Chief Executive of Government Department that loses millions of tax dollars ( he’s also Beth Espeys wife - the one on Manx Radio)

We essentially have 2 IT support people running things  it’s awful.

TT dude Paul Phillips was contact centre at Barclays. 
 
The future is bright 

[Banker]

18 minutes ago, Non-Believer said:

Presumably following the teaching profession, posties are to be the next step along your road of paranoid vitriol.

You need to look deeper than the published figures, there is a lot that they would rather is not in the public domain.

You’re the one putting vitriol on post office by making up bollocks as usual. The accounts show one person on £125k band not 3 as you state, no mention of loads of project managers, admin staff etc increasing so when asked to provide evidence you just start abuse , typical rants from a bully who doesn’t like being proven wrong!

[Roger Mexico]

1 hour ago, Banker said:

Can you provide evidence [...] where the executive salaries of £375k are shown as I can’t see it anywhere, perhaps you’re a forensic accountant? Or if no evidence as usual 

I actually screenshot and linked to the salary bands of the top three top executive on the previous page.  No exact total was given, but say 2 X £120K + 1 X £135K would match the information and give the required total, so it's not a bad estimate, even though it's not one the poster you are attacking actually made.

[Non-Believer]

28 minutes ago, Banker said:

You’re the one putting vitriol on post office by making up bollocks as usual. 

Posties on the golf course with the teachers at 2pm etc etc. Your previous vitriol.

Despite the fact that those posties may have started work at 6.00 - 6.30am that day to ensure that noshers in offices posting poison on the Internet all day get their daily post in a timely fashion.

[Annoymouse]

It’s a service provided to the public, so I’m glad they haven’t made a substantial profit, I’ve no doubt there will be cost savings to be had though.