Revenue growth was led by parcels and express, which increased 19.2% to €112.10m, and international activity, up 26.5% to €95.28m. This more than offset declines in mail and domestic revenue. Staff and other operating costs grew more slowly than revenue, lifting the EBITDA margin from 11.3% to 15.7% and the EBIT margin from 0.7% to 4.5%.

The financial position also strengthened. Equity increased 10.1% to €65.48m, while liabilities declined 10.8% to €72.14m, and the current ratio improved to 0.99. Operating cash flow rose 80.1% to €20.64m, while a 73.5% reduction in capital expenditure to €5.40m helped free cash flow reach €15.24m

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