Our FY24 results - green shoots emerging from our Post26 strategy

Today we released our annual results and while we are still running at a loss, it’s pleasing to see some green shoots emerging two years into our Post26 strategy.

We’ve focused on simplifying our business, removing unnecessary costs and investing in our future, which is the right thing to do. The first phase reforms announced in FY24 are helping us create a more sustainable business, although we still have long-term structural challenges that continue to escalate.

The two-speed nature of our business is becoming more pronounced. Our Parcels business is performing well, despite the highly-competitive environment we operate within, while our Letters business is in irreversible decline. In FY24, Letters volumes fell to levels we haven’t seen since the 1950s, however, Australia’s population trebled in that time.

We’re committed to returning the business to profit over the coming years. The best way to achieve this is by continuing to execute on our Post26 strategy and successfully implementing the first phase of modernisation.

I’m proud of how our team members remained focused on delighting our customers throughout FY24. Ensuring we do this in a safe way and support each other are key priorities for me and the Leadership Team. 

I want to thank every one of our 64,000 team members for all you have done to achieve this improved business performance. Each of you are delivering for our customers and communities, across every corner of Australia, every single day.

Be safe, be kind.

Paul