Austrian Post: Group Revenue climbed by 28.4% in the first six months of 2021

Austrian Post: Group Revenue climbed by 28.4% in the first six months of 2021
Austrian Post has published its preliminary figures for H1 2021: forecast for 2021 raised after good half-year performance.
Highlights
  • Ongoing high parcel volumes in H1, continued decline in letter mail
  • Austrian parcel volumes +20.3%, Turkey +24.2%, CEE +20.8%
  • Letter mail volumes –2.8%, direct mail volumes +2,0%

H1 2021 revenue up by 28.4% to EUR 1,260m (+12.0% excl. Aras Kargo)

  • Mail Division: +3.0% to EUR 608m
  • Parcel & Logistics Division: +70.7% to EUR 628m (+27.0% excl. Aras Kargo)
  • Earnings expectation (EBIT) H1 2021 of EUR 103m (EUR 44m in Q2)
  • Earnings forecast (EBIT) 2021: targeted improvement of at least 20% vs. previous year

The company said: “Following the dramatic social disruptions and economic downturn triggered by the COVID-19 pandemic, especially in the second quarter of 2020, the first six months of 2021 showed a recovery of the business activities of many customer groups. Nevertheless, the business development of Austrian Post will continue to be impacted by various restrictions in the current financial year.

A tough five-week first-quarter lockdown was followed by a gradual opening of different areas of public and social life starting in the second quarter of the year. Following pandemic-related additional revenue in the first quarter, the second quarter of 2021 showed a certain normalisation. In the parcel segment, weaker growth was recorded following high increases in the prior-year quarter. The decline in mail volumes continued, now at a lower level following an increased reduction in the previous year.”

According to the preliminary figures, Group revenue of Austrian Post climbed by 28.4% in the first six months of 2021 to EUR 1,260m. The Turkish subsidiary Aras Kargo, fully consolidated since 25 August 2020, also contributed about EUR 160m to revenue growth in this period. Excluding Aras Kargo, the increase in revenue equalled 12.0%. The Mail Division accounted for EUR 608m (+3.0%) of total Austrian Post revenue, whereas the Parcel & Logistics Division generated revenue of EUR 628m (+70.7% or +27.0% excl. Aras Kargo) and the Retail & Bank Division revenue of EUR 34m (+18.9%).

Earnings before interest and tax (EBIT) in the first half of 2021 are expected to equal EUR 103m. This performance represents a doubling of the first half-year 2020 results, which suffered from massive negative COVID-19-related effects.

The company aims at achieving an earnings improvement in the current financial year of at least 20% compared to the prior-year level (basis 2020 EBIT: EUR 161m).

Comprehensive disclosure for the first half of 2021 will be published on 12 August 2021.

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