Post Office sees income jump 17% thanks to massive “growth in online retailing”

The Post Office raked in sales of over £66 million throughout December despite lockdown restrictions “driven by the growth in online retailing”.

Total income for the four weeks to December 27 rose 17 per cent to £66.3 million, largely driven by huge growth in its Drop & Go fast-track delivery services for businesses and online sellers.

Its Drop & Go service grew a whopping 87 per cent in December.

While lockdown seemingly had little effect on customer transactions, which remained largely flat compared to 2019 at 51.3 million, it devastated other sectors such as travel money which saw a 69 per cent decline in transactions.

READ MORE: Amazon parcels could soon be handled by the Post Office as it ends exclusivity deal with Royal Mail

Cash and banking services also saw a 10 per cent decline, seeing £1.56 billion deposited and £630 million withdrawn over the period.

Bill payments were also a bright spot for the Post Office, seeing 27 per cent growth thanks to a new tie-up with British Gas.

“After a very challenging year for much of the retail sector, I am pleased to see 17% growth in network income over the Christmas period thanks to the hard work of postmasters,” Post Office chief executive Nick Read said.

“The mails market, particularly for parcels, remains very strong driven by the growth in online retailing.

“Our physical presence has been vital across the UK, with customers enjoying the convenience, expert advice and safe hands that our postmasters offer, in addition to the invaluable support they have provided to local communities during the pandemic with 99% of the network remaining open.”

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