Mark Siviter has said the States-owned entity – which has no plans for redundancies – had struggled as a result of supply-chain disruption, workforce shortages, the war in Ukraine, the cost of living crisis and industrial unrest had led to increased operating costs and a 46% gross-margin reduction.

The company also saw a 10% drop in the volume of inward mail, a 9% decline in parcels and a 73% decrease in logistics work in the Island, the firm’s annual report revealed.

However, Mr Siviter said the situation should be viewed as a “bump in the road”, adding that more investments in Woodside Logistics and extending the Rue de Pres headquarters were planned “due to the additional e-commerce volumes that we’re getting predominantly from Amazon, but also with some new contracts that we’ve won as well”.

He revealed the company was “very close” to closing new contracts and “being trusted by big global parcel providers to deliver some of those parcels for them”.

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Pictured: Jersey Post Chair Alan Merry and Chief Executive Mark Siviter.

Jersey Post previously attracted controversy by awarding bonuses totalling £134,000 to two executives in 2020, when it recorded a £400,000 loss.

Chair Alan Merry confirmed that no bonuses were paid last year. He said that, given the results, it would have been “inappropriate”.

No bonuses were paid to executives last year, with Chair Alan Merry describing the idea as “inappropriate” based on the results.

You can read Jersey Posts annual reports here.