Bpost: Q2 results in line with forecasts

(CercleFinance.com) - Belgian postal group bpost on Friday reported second-quarter results in line with its forecasts, with resilience in its Belgian businesses and growth in its European operations mitigating its difficulties in North America.


The operator reported that its adjusted gross operating profit (Ebit) fell by 15.9% to E57.8m in the quarter just ended, on revenues that are down 3.8% to E988.2m.

In Belgium, parcel volumes increased by 2.5%, with a favourable mix/price effect of 2.9%, while E-Logistics Eurasia revenues rose by 3.3% to E168.8m, driven by cross-border transactions and the acquisition of new European customers.

The E-Logistics North America division nevertheless saw its revenues fall by 15.2% at constant exchange rates, reflecting lower volumes, still under pressure.

For 2024, bpost says it expects revenue to fall by a single-digit percentage - at the low end of the range - reflecting the persistence of unfavourable market conditions in North America.

Its adjusted Ebit should thus be between E165m and E185m this year, without taking into account the consolidation of Staci, a French multi-channel logistics specialist.

Its capital expenditure plan has also been revised downwards, and should now amount to around E150m this year, compared with E180m initially.

Following this publication, bpost shares were up by almost 2% on Friday morning on the Brussels stock exchange, although are still down over 43% YTD.

The stock was heavily penalised last month for lowering its annual targets.


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