28-07-2022
The listed company increased revenue by 2% to €212 million in April – June 2022, with stable mail revenues of €108 million, but operating profits fell by 25% to 11.3 million.
There was a recovery in the parcels business whose revenues were a low 1.7% behind Q2, 2021, levels. This was better than in the first quarter of this year when revenues dropped 3.3% on a 2.9% volume decline compared to last year’s strong Q1.
For 2022 as a whole, “within the context of increased macro-economic and persistent geopolitical risks”, CTT expects low double-digit growth in Express & Parcel volumes, “subject to normalization of supply chains”, mid-to-high single-digit overall revenue growth and recurring EBIT above €65 million.
Portuguese recovery
At a country level, parcel volumes in Portugal bounced back with a rise of 1.9% last quarter after a 7.2% drop in the first quarter, although revenues were 4.7% below last year’s level on lower average prices. This low volume growth was supported essentially by e-commerce (B2C) customers, with a particular focus on large global marketplaces.
In contrast, CTT’s volumes in Spain fell by 9.9% last quarter but revenues were 1.2% higher thanks to stronger pricing. “The implementation of a new commercial model and expansion of the offer will allow for the consolidation of the growth trajectory in the second half of 2022,” CTT commented.
Source: CEP-Research