{"id":567246,"date":"2026-07-03T16:42:12","date_gmt":"2026-07-03T16:42:12","guid":{"rendered":"https:\/\/www.europesays.com\/ie\/567246\/"},"modified":"2026-07-03T16:42:12","modified_gmt":"2026-07-03T16:42:12","slug":"an-post-posts-e2-8m-trading-profit-but-pension-charge-pushes-it-into-the-red-the-irish-times","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/ie\/567246\/","title":{"rendered":"An Post posts \u20ac2.8m trading profit but pension charge pushes it into the red \u2013 The Irish Times"},"content":{"rendered":"

An Post<\/a> made a loss last year of \u20ac180.5 million on the back of an exceptional charge relating to its pension scheme, its latest annual report shows. <\/p>\n

The loss reflects an accounting charge of \u20ac209.5 million, which relates to an increase in the liabilities of its defined benefit pension scheme. This charge was offset by a \u20ac26 million tax credit. <\/p>\n

When these items are stripped out, the State-owned postal group made a profit of \u20ac2.8 million from its trading activities.<\/p>\n

On the pension charge, the annual report states: \u201cA past service cost of \u20ac209.5 million is recognised, reflecting the impact on the plan\u2019s liabilities of an amendment to members\u2019 benefits. <\/p>\n

\u201cThis arises as a result of a special 7 per cent pensionable pay and pension increase, which the company has agreed to implement, with 6 per cent applied effective from January 1st, 2025, and a further 1 per cent applied effective from July 1st, 2025.\u201d<\/p>\n

The note to the accounts adds that the surplus in the defined benefit \u2013 or final salary \u2013 pension scheme at the end of 2025 after those changes were accounted for was \u201cstill in excess of \u20ac330 million\u201d. <\/p>\n

An Post increased its revenues by 2.9 per cent last year to just under \u20ac1.05 billion while its operating costs rose to almost \u20ac997 million. <\/p>\n

This left it with earnings before interest, tax, depreciation and amortisation (Ebitda) of \u20ac53.2 million, up from \u20ac51.5 million.<\/p>\n

The company delivered 294 million letters over the 12 months, down 8 per cent on the previous year, and 73 million parcels, which was up 16 per cent. <\/p>\n

Revenues from letters and parcels rose by 12 per cent to \u20ac735 million while income from elections and referendums fell by \u20ac54 million (2024 had included both local and general elections).<\/p>\n

Its wages bill increased by 5.4 per cent to \u20ac526 million while its total payroll costs were up 5.8 per cent at \u20ac636 million. <\/p>\n

On average, the group had 10,271 employees last year, up from 10,229 in 2024. The number of postmasters engaged as agents fell to 762 from 778 a year earlier. <\/p>\n

The annual report says that chief executive David McRedmond<\/a>, who is stepping down from the company in August after 10 years in charge, received total remuneration of \u20ac323,000 last year, up from \u20ac317,000 in 2024. <\/p>\n

This comprised a basic salary of \u20ac250,000, a car allowance of \u20ac3,000, a medical allowance of \u20ac7,000 and a pension payment of \u20ac63,000. <\/p>\n

McRedmond is due to be succeeded as CEO by former Coillte and Glen Dimplex chief, Fergal Leamy<\/a>, who has reportedly agreed an initial salary of \u20ac285,000 for the post. <\/p>\n

Fees paid to non-executive board members totalled \u20ac224,000, including a payment of \u20ac32,000 to chairman, Kieran Mulvey. <\/p>\n

A spokesman for An Post declined to comment on the annual report in advance of its annual general meeting later this month. <\/p>\n

In his final note as chief executive, McRedmond said: \u201cIt has been the privilege of my working life to lead An Post. I am entirely confident and optimistic for its future, proud of what we have built together and deeply grateful to every member of this extraordinary organisation.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"An Post made a loss last year of \u20ac180.5 million on the back of an exceptional charge relating…\n","protected":false},"author":2,"featured_media":567247,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[177],"tags":[13803,79,52738,18,210996,19,17,234,235],"class_list":["post-567246","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-an-post","tag-business","tag-david-mcredmond","tag-eire","tag-fergal-leamy","tag-ie","tag-ireland","tag-personal-finance","tag-personalfinance"],"share_on_mastodon":{"url":"","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/567246","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/comments?post=567246"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/567246\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media\/567247"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media?parent=567246"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/categories?post=567246"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/tags?post=567246"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}