In April 2023, at a Senior Managers meeting, CEO Nick Read gave a speech which considered three key themes: resilience, managing ambiguity and the relevance of our purpose for enabling change. These themes reflect our achievements over the last year and the challenges in the financial year ahead.
You can read the speech in full here or view some clips below.
Ambiguity
The business faces several challenges including difficult trading conditions; continuing to support work on the Inquiry and getting the roll out of our new IT system right.
Economic context
Soaring inflation has been hard for Postmasters. We thank them for their dedication and must ensure they're properly remunerated.
Diversified portfolio
With the high street struggling, having an diverse portfolio which includes online services allows us to share our current and future successes with Postmasters.
Resilience
We're opening up our network to new global mails carriers which will give Postmasters new revenue streams and support the future of the business.
Purpose
Our new Drop and Collect branches will help us keep 11,500 branches open while we remain committed to meeting the access criteria agreed with Government.
Role in Government Services
Post Office is often overlooked for providing services but only we can provide the scale and experience to deliver face-to-face for people across the country.
Banking Hubs
With our unmatched size, scale and capability, Post Office is so far the only organisation to which runs, and is capable of running, banking hubs.
Funding
Government must work to guarantee Post Office's financial certainty and strength to make sure we can continue supporting postmasters and allow communities to flourish.
Compensation
Everyone impacted by Horizon deserves the compensation they're entitled to and we're working with Government to ensure tax treatment for compensation is treated fairly.
Trust
We have moved swiftly to deal with the past and we are pleased Government now have a scheme of their own to help those impacted.
New Branch IT (NBIT)
NBIT is being produced in collaboration with Postmasters to fit their needs but where there are problems we will not hesitate to communicate and share as we go.
Conclusion
We've come far in the last year, with new formats and more support for PMs showing our resilience, but there's more to do to help resolve the past and understand from Government to role Post Office plays for the future.
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Previous Years
In April 2022, Nick Read, Chief Executive, gave a speech to senior leaders at Post Office at the start of the new financial year where we reflected on progress.
You can read the speech in full here.
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In April 2021, Chief Executive, Nick Read, set out his thinking on the direction of travel for Post Office to 2025, his views on the scandal concerning historical shortcomings by the Post Office and the progress being made to correct them. You can read the paper here.
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