Driven by significant parcels & express volume growth in both of its major markets, CTT Portugal Post saw group revenue increase by 8.7% in 2023. Growth of nearly a third in parcels revenue was driven by higher volumes – by nearly 60% in the post’s Spanish market – than the previous year.

While letter volumes continue to decline structurally, a favourable price mix allowed the post to largely offset negative volume developments for addressed letters (which represent the largest mail revenue stream for CTT).

However, the absence of positive revenue effects from a one-off laptop project in 2022 weighed on divisional revenue.

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