PostNL Reports Q2 Op Underlying cash €60M v €23M y/y, Rev €1.02B v €1.0Be
- Reaffirms FY14 underlying cash op income €260-290M (prior €260-290M from July 7th)
- Reaffirms FY15 targets
- Parcels volume: +8.2% y/y
- Netherlands mail volue -11.2% y/y
- Underlying cash operating margin 6.7% v 2.3% y/y
- CEO: "In the second quarter the strong performance of Mail in the Netherlands was further supported by price increases, mix effects and some incidentals. "International saw revenue growth, but some challenges remain: in Germany and in the United Kingdom we are awaiting regulatory ruling for fair competition. Parcels performed as expected, based on volume growth on the back of a growing e-commerce market and moderate growth in the business market. We focus on innovation to consolidate our leading position. Extra services that we started were amongst others evening delivery. In the quarter, Parcels saw its subcontractor costs increase and, due to a change in customer mix, the average price slightly decline. "Overall, the first half year was strong and reflects the learning curve we experienced in restructuring the company and the supportive and cooperative mindset of all our employees to adapt to the changing environment. All this fuels my confidence that we will achieve our 2015 targets."