Geopost: 1.3% increase in revenue during the first half of 2024

Geopost has published its 2024 half-year results revealing steady growth in the first half of 2024.

• Geopost achieved a 1.3% increase in revenue during the first half of 2024. Of note, parcel volumes grew by 2.6%, with more than 1 billion parcels delivered worldwide.

• Three key strategic drivers have been fuelling Geopost’s growth: out-of-home deliveries (+25% in volume), international deliveries (+10% in volume) and food deliveries (+7% in volume).

• Geopost continues to make progress on its sustainability agenda, with a steady reduction (-7.8% as of Q1 2024, compared to Q1 20232 ) of its carbon emissions in absolute terms
within the SBTi perimeter, despite volume growth.

Yves Delmas, CEO of Geopost, said: “In the face of a challenging and unpredictable environment, we are encouraged by our first-half results, which demonstrate Geopost’s resilience and drive to deliver quality services to consumers and businesses in all markets. Food, international and out-of-home deliveries, three high growth areas that are pivotal in our “Together & Beyond” strategy, have delivered strong results. In parallel, we continue to actively implement our sustainability strategy, as evidenced by the 7,8% reduction in our GHG emissions by the end of March 2024. All in all, as we in a complex and competitive market environment, our solid results validate our long-term “Together & Beyond” strategy.”

Positive growth momentum in a still uncertain environment

The first half of 2024 remained challenging for the industry, which is still impacted by macroeconomic tensions, delayed impacts of inflation on cost of workforce in recent years, and the political context in Europe and around the world. This adverse environment has continued to affect household spending and consumption habits across Europe. Indeed, the decline in e-commerce slowed in Q1 2024, but remains persistent, particularly in France (-1,5% in sales), in Germany (-3% in sales) and in the UK (-5% in sales)

In addition, the adverse conditions have contributed to the compression of our margins and have therefore affected our financial performance. Despite these challenges and an increasingly competitive market, Geopost achieved a 1.3% increase in revenue while volumes in the first half of the year grew by 2.6% compared to last year.

Geopost’s operating profit was €331 million, an increase of €256 million compared to S1 2023. Geopost’s operating profit was impacted by the following non-recurring items:

– as of 30th June 2023, the provisioning relating to the legal proceedings at its Italian subsidiary of -€162 million, the impairment of Stuart’s assets of -€134 million,

– as of 30th of June 2024, of +60 million euros, resulting in particular from an inter-branch internal disposal and adjustments of past non-recurring items.

Excluding change of perimeter, exchange rate effect, and non-recurring items, Geopost’s operating profit decreased by €112 million, reflecting the unfavourable macro-economic environment.