The financial year 2016 is a reversal from 2015 with the Group recording an operating loss of €13.7m. Two factors primarily contributed to the reversal, firstly the introduction of wage inflation from 1st May 2016 for the first time in seven years and secondly from the continued decline in traditional mail volume. The financial year 2016 ended with a loss before pension interest and taxation of €12.0m compared with a profit of €8.6m the previous year.