PostNL: Our results once again prove our collective resilience and flexibility
PostNL has released preliminary results for the first quarter of 2021, which were around €50 million better than expected due to the impact from the lockdown that is continuing longer than anticipated. Both Parcels and Mail in the Netherlands reported results well above market estimates, with normalised EBIT around €90 million and around €60 million respectively.
At Mail in the Netherlands, volume development was supported by non-recurring items related to voting by mail and invites for the vaccination programme. In addition, the price/mix impact showed a positive development.
Based on the strong performance over the first quarter, PostNL is raising its FY 2021 outlook for normalised EBIT to at least €250 million (from its previous estimate of between €205 million and €225 million). Free cash flow is expected to come in at a minimum €225 million. The exact consequences of changes in the lockdown, like the further reopening of the non-essential stores in the Netherlands as of 28 April, remain uncertain.
Herna Verhagen, CEO of PostNL, commented: “We had a very good start of the year and continued the momentum that we’ve seen since the second quarter of last year. Our results once again prove our collective resilience and flexibility during ongoing unprecedented circumstances.”
