PostNL: larger-than-expected quarterly loss

(CercleFinance.com) - PostNL was down sharply on the Amsterdam stock exchange on Monday, after announcing a heavier-than-expected Q1 loss.


The Dutch postal operator posted a normalised EBIT loss of E9m for Q1 2024, compared with a profit of E7m a year ago.

According to a consensus provided by the group itself, analysts were anticipating a smaller loss of around E2m.

Sales fell by 2% to E765m, again below expectations of E796m.

In a press release, PostNL explains that the increase in its parcel delivery business (+4.6% in volume) was unable to offset the fall in its mail business (-12.5%).

The company also says it has suffered from the impact of wage increases, with the latest collective agreement with staff providing for a rise of at least 19% in salaries over the period 2024-2025.

The group nevertheless confirmed its annual forecasts, still targeting normalised EBIT of E80m to E110m this year, with cash flow ranging of 0 to E40m.

In late morning trading the share price was down almost 5%, bringing its YTD decline to over 12%.


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