Belgian Post announced consolidated results for 2007

Belgian Post improved its underlying operating profits by 14pct last year on moderate revenue growth, and said its long-term restructuring and modernisation programme is on target ready for full market liberalisation in 2011.

The company increased revenues by 2 pct to EUR 2.28 billion. Excluding the negative impact of selling its French subsidiary Asterion in September 2007, revenues were up by 3 pct. Belgian Post said its “considerable sales efforts” had ensured that the drop in volumes was only 0.1 pct.

The operating profit (EBIT) fell from EUR 155 million in 2006 to EUR 96 million last year. Excluding the effects of one-off expenses, this represented a 14 pct increase, the company said. Net profits dropped to EUR 65 million from EUR 96 million for similar reasons.

The parcels and express business, due to be merged this year under the Taxipost brand, increased revenues slightly by 0.6 pct to EUR 97 million in 2007. “This performance was achieved in spite of a targeted attack from competition against our customer base and before the launch of our new parcels offering in 2008,” Belgian Post noted in its preliminary financial report.

Belgian Post CEO Johnny Thijs commented: “The progress we made in 2007 is due to our efforts during the past five years. Compared to 2003, the group has improved in every respect… Our mission, however, doesn’t stop here. We should continue strengthening our position if we want to face up to all our competitors in a market which will soon be completely liberalised. That’s why we need to further transform and modernise our company,” he stressed.

Belgian Post improved its underlying operating profits by 14pct last year on moderate revenue growth, and said its long-term restructuring and modernisation programme is on target ready for full market liberalisation in 2011.

The company increased revenues by 2 pct to EUR 2.28 billion. Excluding the negative impact of selling its French subsidiary Asterion in September 2007, revenues were up by 3 pct. Belgian Post said its “considerable sales efforts” had ensured that the drop in volumes was only 0.1 pct.

The operating profit (EBIT) fell from EUR 155 million in 2006 to EUR 96 million last year. Excluding the effects of one-off expenses, this represented a 14 pct increase, the company said. Net profits dropped to EUR 65 million from EUR 96 million for similar reasons.

The parcels and express business, due to be merged this year under the Taxipost brand, increased revenues slightly by 0.6 pct to EUR 97 million in 2007. “This performance was achieved in spite of a targeted attack from competition against our customer base and before the launch of our new parcels offering in 2008,” Belgian Post noted in its preliminary financial report.

Belgian Post CEO Johnny Thijs commented: “The progress we made in 2007 is due to our efforts during the past five years. Compared to 2003, the group has improved in every respect… Our mission, however, doesn’t stop here. We should continue strengthening our position if we want to face up to all our competitors in a market which will soon be completely liberalised. That’s why we need to further transform and modernise our company,” he stressed.