Revenue grew across all divisions of CTT Portugal Post in 2022, reflecting the successful implementation of its diversification strategy. While traditional mail volumes fell across all mail categories, an increase in demand for various types of loan and a favourable interest rate environment drove significant growth in both the banking and retail division.
Parcel volumes, which experienced a glut in early 2022 as the retail sector re-opened after a period of extensive lockdowns, posted some recovery as the year wore on. While volumes in FY2022 fell 4% in the Spanish market and grew 1% in the domestic market, effective pricing and network efficiencies led to a 1.3% increase in revenues year-on-year. Parcel volumes have normalised post-pandemic, but picked up at year-end, with a return to growth trends signalled by revenue growth in the CEP market of 8.7% in Q4 2022.
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