bpost Q3: Profits settle after COVID spike

Operating revenues and income growth appear to have returned to a more normal cycle at Belgian bpost according to its latest quarterly financial report.

Traditionally the third quarter is the slowest and with adjusted operating profit falling sharply to €39.1 million (€69.5 million in Q3, 2020) the postal operator says that this is in line with the pre-COVID seasonal pattern, and similar to forecasts. Group operating income grew by +0.5% to €977.6 million.

Mail & Retail saw operating income of €469.4 million, with the increased charges for mail offsetting volume declines. Mail volumes declined by 7.5%. This segment saw adjusted operating profit fall to €15.5 million (a 43.3% drop) thanks to increases in fleet and energy costs and pay increases for its staff.

Dirk Tirez, CEO of bpost group: “The 3rd quarter is softer as fully expected and in line with industry. We have set solid fundamentals that maintain our confidence in the end of year peak and the delivery of our upgraded full year guidance, which is an EBIT of “above EUR 340m”. I would like to thank all my colleagues for their focus on the end of year peak and on the management priorities aiming to accelerate the transformation journey of bpost. We are rebuilding the team at the top and have set clear priorities to build a long term sustainable future for bpost. It is also my pleasure to announce that bpost has increased its environmental ambitions, aiming to reduce our emissions under direct influence with 55% by 2030 when comparing to 2019. As bpost, we are focused on economic, ecologic and social sustainability. Today’s announcement represents significant progress to that end.”

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