InPost CEO: We are executing our plan at pace
lnPost reports 54% year-on-year revenue growth in H1 2021 and 30% revenue growth in Q2 2021, with continued adjusted EBITDA margin expansion and improvement in cash conversion.
Hl 2021 Highlights
- Total number of Automated Parcel Machines (APM) increased by 56% year-on-year to 15,572, with 2 million lockers deployed (+75% year-on-year)
- In Poland, APM parcel volumes increased by 61% year-on-year to 165 million. International parcel volumes increased by 314% year-on-year to 2.9 million
- Adjusted EBITDA of PLN 695 million (42.1% margin) increased by 73% year-on-year, with~ 470 basis points of Adjusted EBITDA margin expansion compared to H1 2020
- Capex increased by 53% year-on-year to PLN 329 million, supported by a 7% reduction in APM production costs
- Free Cash Flow increased by 90% year-on-year to PLN 400 million with cash conversion improving to 58%, compared to 52% in H1 2020
- Ended H1 2021 with an LTM net leverage ofl.8×7• or ~3.0x on a pro-forma basis, including Mondial Relay acquisition
Rafa-t Brzoska, Group Chief Executive Officer of lnPost commented: “Following our exceptionally strong start to 2021, In Post had another great quarter in Q2.
“Following the unprecedented growth we saw in Q2 last year, we continued to outgrow the market, delivering 30% year-on-year revenue growth, expanded our margins and accelerated our progress on key initiatives to support our pan-European growth strategy.
“While I expect the short term uncertainties from COVID-19 to continue, I am also certain that the accelerated shift to a digital economy is structural, driving an expanded e-commerce market opportunity, a greater focus on sustainability, and changing consumer preferences.
“Over the course of the quarter, we further enhanced the scale of our ecosystem, with added convenience to consumers and improved the value proposition to our stakeholders. This included the continually growing number of “In Post Mobile” opp users, reaching 7 million at the end of Q2, and our bestin- class net promoter score.
“We also accelerated the pace of our APM deployments in both Poland and the U.K. as well as bringing new innovative solutions that enhance the overall consumer experience. Since the end of Q2, we deployed our 14,000th APM in Poland, having recently surpassed our 2,000th APM in the U.K. I am also delighted with the progress of our “Green City” program, partnering with 6 of the leading cities in Poland to help reduce air pollution and enhance the wellbeing of our communities.
“This includes the deployment of our latest generation of APMs that will operate on renewable energy. In addition, I am proud that In Post has been recognized as one of the top employers in Poland as we continue to add top talent to support our longer-term objectives. Immediately following the end of the quarter, we closed the acquisition of Mondial Relay, a major step in fulfilling our ambition to become Europe’s leading out-of-home automated solution for e-commerce. We are executing our plan at pace and I am even more confident about the long-term value creation opportunities ahead of us.”