Posti Group has released its financial results for the year ended December 31, 2019. Posti was one of the few post offices to report an increase in net sales in 2019. Reporting a 0.3% year-on-year in net sales to €1,564.6m. EBITDA also improved, recording a 9.9% year-on-year increase to €155.1m. The adoption of IFRS 16 improved EBITDA, contributing €48.2m. Operating profit decreased 52.9% to €18.5m in comparison to 2018 figures. The decline was primarily due to a strike during the fourth quarter. The adoption of IFRS 16 improved operating profit by €3.9m.
The strike also impacted the Group’s earnings guidance for 2019, which, despite potential acquisitions and divestments, net sales from continuing operations were expected to increase from 2018 primarily due to the acquisition of Transval.
Additionally, the combined net sales of the Package and e-commerce and Logistics Solutions business groups reported revenues of €200.3m and the Postal Services business group reported €171.1m.
Source: Posti Group
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