Bpost’s turnover in the second quarter of 2023 was in line with the same period last year: 1.03 billion euros or -0.8 percent. That is slightly less than the 1.04 billion that analysts had predicted. The adjusted operating profit, on the other hand, was above analyst expectations at 68.7 million euros (66.1 million euros). This is a decrease of 16.8 percent compared to last year. There was already a similar decline in the first quarter, partly as a result of higher wage costs in Belgium.
After the stock market closed, the Belgian postal company itself speaks of “good results in challenging circumstances”. Bpost is going through a turbulent period after admitting government contract tampering in recent months. The possible financial impact of the fraud was previously estimated at 25 to 50 million euros.
Bpost therefore withdrew its annual profit forecast of 240 to 260 million euros earlier this year and does not provide a new target figure. The company is more optimistic about the Belgian market: it now expects revenue growth between 4 and 6 percent (initially 3 to 5 percent) and an adjusted profit margin (EBIT) between 7 and 9 percent (initially 6.5 to 8. 5 percent). Traditional mail volume in Belgium fell by 8.3 percent in the second quarter, while parcels volume increased by 7.8 percent.
For the North American market, Bpost is slightly more pessimistic, with operating income down by at least 10 percent and a profit margin between 4 and 6 percent.
2023-08-03 18:00:00
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