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AusPost announces record revenue to signal transformation to delivery business complete

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Full year profit results of Australia Post mark the national parcel carrier's successful transformation from letter business to delivery services organisation the company announced this week.

Strong customer uptake of alternate delivery options was a significant factor with more than 90 million parcels delivered via the Post Office network for FY19 in which the company saw a 2 per cent increase including record group revenue of $6,990 million.

Profit before tax of $41 million was helped by increasing use of 24/7 Parcel Lockers across Australia Post's 350 locations.

The company earned over $4,774 million in Parcels & Services revenue in FY19, representing 68 per cent of total revenue.

Falling letter volumes impacted the business with losses totalling $192 million a decline of 7 per cent on the previous year.

The letters business now accounts for just 32 per cent of total revenue.

Domestic parcels, however, grew 9.2 per cent to $3,181 million continuing Australia Post's dominance in the eCommerce category.

“This year we saw record domestic and international parcel revenue as more and more customers are choosing Australia Post as their preferred partner to deliver their ecommerce ambitions,” said Australia Post Group CEO and Managing Director Christine Holgate.

“We also signed the historic Bank@Post community agreements this year, first with Commonwealth Bank, NAB and Westpac, and now more than 70 financial institutions have signed on," she said.

"The Community Representation contribution will enable customers to continue to conduct essential banking transactions in 3,500 Post Offices across Australia using the Bank@Post service.”

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