Francotyp-Postalia increases revenue and earnings in 2021 and expects profitable growth in 2022

Berlin, 28 April 2022 –Today, Francotyp-Postalia Holding AG (ISIN DE000FPH9000) published its annual report for 2021. FP increased its consolidated revenue by 4.0% to EUR 203.7 million, compared to EUR 195.9 million in 2020. Earnings before interest, taxes, depreciation and amortisation (EBITDA) reached EUR 18.5 million, after EUR 8.7 million in 2020. FP thus achieved an EBITDA margin of 9.1%.

FP therefore exceeded its raised guidance for both revenue and earnings. FP last adjusted its guidance in November 2021, expecting revenue of between EUR 198 million and EUR 201 million and EBITDA in a range of EUR 17 to 18 million (EBITDA margin of 8.5% to 9.1%).

Twelve months ago, FP introduced the FUTURE@FP transformation program with the aim of increasing effectiveness, efficiency and, above all profitability. The figures presented today show a positive development.

CEO Carsten Lind states: “The effects of our measures can be seen in our key figures. We have simultaneously reduced costs, simplified our internal as well as customer- and partner-oriented processes with a new operating model and brought all three business areas back to growth. For continuing this trend, we have further invested in the development of our solutions across all three business areas. We will continue to consistently implement the FUTURE@FP transformation program.”

At the same time and despite the numerous measures, FP generated a positive free cash flow of EUR 6.5 million, compared with EUR 11.4 million in 2020.

Revenue growth in all three business areas

Revenue in the Digital Business Solutions business area (including Digital Office and IoT) grew by 13.6% to EUR 18.4 million, after EUR 16.2 million in 2020 with most products contributing to the growth.

Revenue in the Mailing, Shipping & Office Solutions business area increased slightly by 0.2% to EUR 121.7 million, compared with EUR 121.5 million in 2020, despite negative exchange rate effects of EUR 1.4 million. It thus developed better than originally expected. Recurring revenue in the mailing business as well as office solutions such as air purification systems or high-security shredders made a positive contribution to revenue. FP’s largest foreign market remained the US in 2021, where revenue increased by 3.2% to EUR 50.0 million.

Revenue in the Mail Services business area rose by 9.3% to EUR 63.6 million, compared with EUR 58.2 million in 2020. The volume of mail processed increased slightly compared to 2020.

FUTURE@FP transformation program increases profitability

CFO Martin Geisel explains: “With FUTURE@FP, we have increased revenue and improved profitability. We are successfully positioning FP for the future and aim to sustainably increase profitability in the coming years.”

In 2021, FP improved EBITDA to EUR 18.5 million driven by increased revenue and reduced costs. Personnel expenses fell by 15.1% to EUR 57.6 million as a result of the restructuring measures implemented, compared with EUR 67.8 million in 2020. The personnel expenses ratio fell to 28.3% in 2021, compared with 34.6% in 2020. Other expenses also fell by 6.2% to EUR 33.8 million, after EUR 36.0 million in 2020. The cost of materials increased by 10.0% to EUR 103.3 million, compared with EUR 93.9 million in 2020. This was mainly a result of increased activities in the Mail Services business area. Own work capitalised declined by 21.0% to EUR 6.2 million, compared with EUR 7.8 million in 2020.

Depreciation and amortisation decreased by 16.7% to EUR 19.1 million, after EUR 23.0 million in 2020. EBIT thus improved to EUR -0.7 million compared with EUR -14.2 million in 2020. Due to improved net interest and financial results, net profit was EUR 0.4 million, following EUR -15.3 million in 2020. Earnings per share (EPS) reached EUR 0.02 compared to EUR -0.95 in 2020.

FP Management Board expects revenue and earnings growth for full year 2022

The 2021 performance confirms the direction that was taken with the FUTURE@FP program. FP expects consolidated revenue to develop positively in 2022. The Management Board anticipates this to be in the range of EUR 229 million to EUR 237 million. This includes 3-6% organic revenue growth and growth from the Azolver acquisition.

Measures to sustainably improve profitability will take almost full effect in 2022. FP expects an EBITDA between EUR 24 million and EUR 28 million, corresponding to an EBITDA margin between 10.5% and 11.8%.

Key figures at a glance:

In EUR million20212020Change
Revenue 203,7195,94,0 %
Cost of materials103,393,9
10,0 %
Employee benefit expenses57,667,8
-15,1 %
Other expenses33,836,0
-6,2 %
EBITDA as reported18,58,7
111,2 %
EBITDA normalized*22,5--
Amortisation, depreciation and impairment19,123,0-16,7 %
Consolidated profit0,4-15,3n/a
Earnings per share (in EUR)0,02-0,95n/a
Free cash flow6,511,4-75,4 %
Free cash flow normalized**

* EBITDA as reported normalised by corona-related subsidies of EUR 0.2 million; negative currency effects of EUR 1.4 million and discharge on “old” projects of EUR 2.8 million

** Free cash flow as reported normalised by increased inventories (EUR 5 million), one-off payments (Bonus, severance to prior Management Board Members, EUR 2 million), severance payments for FUTURE@FP (EUR 3.4 million)


Statements in this press release relating to the future development and forecasts of the Group are based on our careful assessment of future events and economic forecasts. Any negative macroeconomic developments beyond this may cause actual results for fiscal 2022 to differ from the forecast figures.

For Investor Relations press enquiries, please contact:

Anna Lehmann
Tel.: +49 (0)30 220 660 425

About Francotyp-Postalia:

Francotyp-Postalia Holding AG, a listed company based in Berlin, is the holding company of the globally operating FP Group (FP). FP is an expert in solutions that make office and work life easier and more efficient. FP has the following business areas: Digital Business Solutions, Mailing, Shipping & Office Solutions and Mail Services. In the Digital Business Solutions business areas, FP optimises customers’ business processes and offers solutions such as electronic signatures, hybrid mail, input/output management for physical and digital documents and the data-driven automation of complex business processes. In the Mailing, Shipping & Office Solutions business area, FP is the world’s third-largest provider of mailing systems and market leader in Germany, Austria, Scandinavia, and Italy. FP has subsidiaries in 14 countries and is represented by its dealer network in many further countries. In the Mail Services business area, FP offers the consolidation of business mail and is among the leading providers in Germany. In 2021, FP generated revenue of more than EUR 200 million.