On 5 January, MaltaPost plc published its full-year results for the financial year ended 30 September 2010. The financial statements show a 1% growth in revenue to €20.4 million as the increase in cross-border mail and philatelic sales outweighed the decline in traditional mail volumes. Moreover the Company managed to further reduce its administrative expenses through revised operational processes thus mitigating most of the 4.4% (€424,000) increase in wages. Overall MaltaPost’s cost base rose to €17.5 million during the period under review with the cost to income ratio maintained at the 85.8% level. As a result, the Company’s pre-tax profit was maintained at last year’s record level of €3.2 million. After accounting for a lower tax charge, the profitability achieved by the postal operator of €2.1 million represents a 7% increase from the net profit of €1.97 million registered in the previous financial year.
The Directors recommended a net dividend of €0.04 per share (same as last year) payable to all shareholders as at close of trading on 4 Janaury 2011. Eligible shareholders have the option to take up the dividend in cash or in shares at the attribution price of €0.92 per share.
The Annual General Meeting will be held on Monday 31 January 2011.
In conclusion the Directors stated that the Company will continue to streamline and update its strategy in line with the challenges in the postal industry in order to remain innovative, efficient and competitive.
Download a copy of the MaltaPost plc Preliminary Annual Results for the year ended 30 September 2010.