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PostNL results surpasse expectations with rise in parcel volume

PostNL has raised its expectations for this year after its performance in the past quarter surpassed predictions. This is primarily due to the company processing more parcels in recent months. Earlier, there was a decline in the number of parcels processed, partly due to increased inflation.

“People were allocating a larger portion of their income to essentials like energy and gas, which impacted online orders,” explained the CEO of PostNL Herna Verhagen. She anticipated a resurgence in orders but not as quickly as it occurred. “The volume from international customers, in particular, surpassed last year’s levels,” she added.

As a result of this performance, PostNL now forecasts an annual profit of between 100 million and 130 million euros before interest and taxes. The earlier estimate ranged between 70 million and 100 million euros. “We’re pleased to have exceeded expectations for the second consecutive quarter,” Verhagen said.

However, postal delivery still presents challenges. Revenues from this segment fell from 450 million euros last year to 409 million euros this year. Verhagen noted that this was expected. “The delivery quality in this sector is below the required standard, mainly due to a tight labor market. This remains a top priority for us.” PostNL currently has around a thousand job vacancies, down from nearly 2,000 last year. “We’re catching up, but there’s more work ahead,” the CEO remarked.

PostNL’s revenue rose by 3 percent year-on-year in the second quarter, reaching 771 million euros. The net profit was 9 million euros, compared to 5 million during same period last year. Revenue from parcel delivery was 86 million euros, marking a slight increase.

Furthermore, the company has revised the projected costs for the previously announced restructuring, reducing them from 20 million euros to 10 million euros. The implementation of these plans, which aim to cut two to three hundred full-time positions, especially in the parcel division, has already started. PostNL anticipates that a portion of these cost savings will be reflected in this year’s financials. Overall, the restructuring is expected to yield annual savings of around 25 million euros.

https://nltimes.nl/2023/08/07/postnl-results-surpasse-expectations-rise-parcel-volume PostNL results surpasse expectations with rise in parcel volume

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