AUSTRALIA POST REPORTS 10% JUMP IN GROUP REVENUE

[POSTMAN]

https://newsroom.auspost.com.au/article ... o-moderate

Australia Post delivers solid revenue growth, with eCommerce expected to moderate

Performance for the six months to 31 December 2021:
• Group revenue: $4.80 billion, up 10.4 per cent on last year
• Parcels and Services revenue: $3.87 billion, up 13.6 per cent on last year
• Letters revenue: $935 million, down 1.2 per cent on last year

Australia Post today announced group revenue for the first half of $4.80 billion, up 10.4 per cent year-on-year, driven by the strongest parcel volumes in Australia Post’s history.

The improved Group profit before tax of $199.8 million was underlined by asset sales and revaluations, as well as favourable bond rate movements.

Letters revenue of $935 million was down 1.2 per cent on last year, despite the significant 2021 Census mail out.

Operational costs which increased by 13.2 per cent on last year, reflect volume increases and COVID-19 related network constraints which are likely to continue in FY23.

Capital investment during the period increased to $217.8 million, up $28.4 million on last year. This forms part of the $400 million committed to new parcels facilities, fleet and technology by mid-2022 to help service the growing demand for services, bringing the total committed investment to more than $1 billion over three years.

The business also committed an additional $20 million in upgrading systems to cloud based solutions over the next year to improve parcel scanning and tracking in the network.

Read more at the link.