As we are at the half-way point in our Intent to 2025, we have made great progress to date. But we know there is still much to do as we move through 2023/24 and beyond.
So there will be even greater focus on our three key strategic priorities this year, ensuring that everything we do relates back to one of these and drives our business forward.
In everything we do, we are guided by our Purpose, which is the reason why we’re here. We know where we are going to through our Intent to 2025 and we know what we need to do - a relentless focus on our three priorities:
- Rebuilding trust, looking back we must change to ensure nothing like that can happen again
- Improving branch profitability - right here and right now, we must ensure our Postmasters thrive
- Transforming Technology - we will build for the future
Improve Branch Profitability
Our first priority is therefore to improve Branch Profitability for all Postmasters – whether independents, strategic partners or our DMBs.
We know this year is a tough one for us all, with high inflation, high energy prices, a cost-of-living crisis and increased taxes – and our Postmasters are no exception.
We will help improve Branch Profitability if we do all we can to grow sales, to take cost out at the centre and help take cost out for our Postmasters in running their Post Office branches.
Our second priority for the year is to continue Transforming our Technology. We are underway in delivering an ambitious programme to replace Horizon with a new branch system that should underpin the future of our network. Built with Postmasters, for Postmasters, it will be faster, simpler, and more intuitive to use.
Our third and final priority for the year ahead is Rebuilding Trust.
We all know that we cannot realise our Intent to be a modern, successful retailer if we do not overcome our past shortcomings.
Rebuilding Trust means giving every possible assistance to the Inquiry as it assesses all the evidence available to establish what went wrong and ensure these failings cannot be repeated.
It also means delivering compensation to those affected as quickly as we possibly can.
And more widely, it means continuing to deliver operational and cultural changes across the business – ensuring they meet all the findings of the Horizon and Commons Issues Judgments.
Because as well as righting the wrongs of the past, we have a responsibility to ensure that all the lessons are learnt and such events can never happen again.
We know that Rebuilding Trust will take time.
This isn’t about quick fixes or easy wins, but a fundamental rebalancing in every part of the business.
So this year we will have a relentless focus on our three priorities.
- Rebuilding Trust – focused on remedying the past.
- Improving Branch Profitability – the priority for the present.
- Transforming Technology – to help us realise a better future.
Postmasters Business Update
CEO Nick Read addressed Postmasters at a Business Update on 23 August 2022. You can read a copy of this speech here.