Isle of Man Post Office is pleased to report a profit of ?2.49million for 2010/11 of which 50% will be returned to Treasury as a levy. Chairman Mr Alan Crowe said, “The results for the last financial year are pleasing particularly as Isle of Man Post Office continues to operate in a very challenging industry with physical mail volumes continuing to decline. I would like to thank all our customers for their continued support; we pride ourselves in offering one of the lowest postage rates in Europe and the highest standards of service to our customers.” Mr Mike Kelly, CEO said, “Our core business remains under immense pressure and so our diversification into new products and international markets becomes even more important to us. Whilst these strategies are in their infancy, Isle of Man Post Office is gaining a reputation of being innovative with specialist knowledge particularly in the new areas of scanning and data capture. It is pleasing that many of our new customers are coming from off Island allowing us to further contribute to the fiscal benefit of the Island.” Whilst remaining profitable Isle of Man Post Office is expecting 2011/12 to be another year with the key challenges for the business with physical mail continuing to decline, changing social trends, an ageing customer base and increased competition making increased diversification of products and markets all the more important. -Ends-