Francotyp-Postalia records double digit growth in revenue and earnings in 2022 

Berlin, 27 April 2023 –Today, Francotyp-Postalia Holding AG (ISIN DE000FPH9000) announced its unaudited figures for 2022. With the double digit growth in revenue and earnings, the company shows that the transformation program FUTURE@FP is paying off.

FP increased its consolidated revenue by 23% to EUR 251.0 million, compared to EUR 203.7 million in 2021. Earnings before interest, taxes, depreciation and amortization (EBITDA) rose by 49% to EUR 27.6 million, after EUR 18.5 million in 2021. FP thus improved EBITDA margin to 11.0% from 9.1% in 2021.

Revenue was above the forecast of EUR 229 to 237 million. Regarding EBITDA, the company reached the upper range of the guided EUR 24 to 28 million. All business segments contributed to profitable growth. Revenue growth also includes the first-time contribution of the acquired operating companies of the Azolver Group for nine months. FP on revenues benefited from positive currency gains of EUR 6.2 million, EUR 2.9 million rate change and further one-off effects of EUR 12.7 million in the Mail Services Business.

Digital Business Solutions revenue rises to EUR 28.4 million

In the Digital Business Solutions area, FP recorded revenue growth of 34% to EUR 28.4 million, compared to EUR 21.1 million the previous year. This area is benefiting from the focused measures of the transformation program and is concentrating on business models with a clear value proposition for customers and scaling potential. The document workflow management business recorded higher customer activity, mainly in the outgoing communication of customers. The business process automation area grew across all solution areas including FP Sign, e-justice communication and De-Mail. Further the Azolver digital business solutions in the shipping and logistics area contributed to the growth.

In the Mailing, Shipping & Office Solutions business area, revenue increased by 23% to EUR 151.3 million compared to EUR 123.2 million in the previous year. The company recorded positive currency effects of EUR 6.2 million and benefited from one-time revenues due to the postage rate change in Germany of EUR 2.9 million. The newly acquired operating companies of the Azolver Group also contributed to revenue growth and strengthened FP’s market position.

In the Mail Services business area, which deals with the collection, franking and consolidation of business mail, revenue rose by 23% to EUR 73.4 million after EUR 59.8 million in the previous year. Revenue benefitted from a higher share in franked mail due to pandemic- related staff shortages on the customer’s side and special one-time mailings from customers. The effect was EUR 12.7 million non-recurring revenue.

Transformation program yielding positive effects

FP CEO Carsten Lind says: "Two years of transformation moved us to a trend of profitable growth reflected in FP's figures. In a challenging environment, we have closed the 2022 financial year with improvements in both revenue and EBITDA. For continuing the trend, we invested in all business areas to enhance our products and solutions and simultaneously achieved operational improvement across all business areas."

The new CFO Ralf Spielberger adds: "We made further progress in 2022. We have thus come another step closer to our goal of becoming an international technology group with sustainable profits. The successful implementation of our transformation program FUTURE@FP is also reflected in a revenue growth of more than 23% and a considerable increase in earnings. Our main focus remains on a strong Mailing, Shipping & Office Solutions business and further growth in our Digital Solutions.”

Earnings per share rise to EUR 0.35

In 2022 FP generated EBITDA of EUR 27.6 million compared to EUR 18.5 million in the previous year. This corresponds to an increase of 49%. EBITDA margin improved to 11.0 % compared to 9.1 % in the previous year. The increase in revenue in all business units combined with a reduced cost base, the effects of the postage rate change, and currency gains had a positive impact on earnings development.

The cost of materials rose by 20.7% to EUR 124.7 million in 2022 compared to EUR 103.3 million. This was primarily due to the increased activities in the Mail Services business unit, the rise in expenses for raw materials and supplies, and the acquisition of the operating companies of the Azolver Group. As a result of the acquisition, personnel expenses also increased by 14.1% to EUR 65.7 million, compared with EUR 57.6 million in the previous year. The personnel expense ratio continued to decrease.

Other operating expenses increased by 19.2% to EUR 40.3 million in 2022, compared with EUR 33.8 million in the previous year. The main reasons for this are the inclusion of the operating companies of the Azolver Group, including due diligence costs, and scheduled higher expenses for the planned introduction of the new ERP solution. Depreciation, amortization and impairment losses increased by 9.9% to EUR 21.0 million compared with EUR 19.1 million in the previous year. This resulted primarily from the first-time inclusion of the operating companies of the Azolver Group.

As a result of the improvement in EBITDA, consolidated profit increased to EUR 5.5 million, compared with EUR 0.4 million in the previous year. Earnings per share (EPS) climbed to EUR 0.35, compared with EUR 0.02 in the previous year.

Despite higher activities, free cash flow increased to EUR 8.1 million, compared with EUR 6.5 million in the same period of the previous year.

Forecasts for 2023

Operational performance in 2022 benefited from the increasingly positive effects of the transformation program and several special items that are not expected to recur in 2023. Excluding these positive one-off effects, revenue would have been around EUR 228 million.

Taking into account the uncertain macroeconomic environment, the Executive Board expects revenues of between EUR 245 million and EUR 255 million in financial 2023, and thus still increasing compared to a situation without special effects in the previous year. The ongoing transformation of FP, investments in product development and the successful integration of the acquired operating companies of the Azolver Group are reflected in an increase in the EBITDA margin. EBITDA is expected to be in a range of EUR 28-31 million.

The expected development of the financial performance indicators for the financial year 2023 is basically based on the premise of unchanged exchange rates.

The publication of the audited financial statements and audited consolidated financial statements for fiscal year 2022 will take place by April 30, 2023 at the latest. The reason for the delay is the significantly increased requirements in accordance with the ESEF Regulation. 

Key figures at a glance:

in EUR million20222021Change
Revenue251,0203,7+23.2 %
Cost of materials124,7103,3+20.7 %
Employee benefit expenses65,757,6+14.1 %
Other expenses40,333,8+19.2 %
EBITDA27,618,5+49.2 %
Amortisation, Depreciation
and Impairment
21,019,1+9.9 %
Consolidated profit5,50,4+1,275.0 %
Earnings per share (in EUR)0,350,02+1,650.0 %
Free Cashflow8,16,5+24.0 %


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 2023 to differ from the forecast figures.

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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 units: Digital Business Solutions, Mailing, Shipping & Office Solutions and Mail Services. In the Digital Business Solutions business area, FP improves customers' business processes with solutions for document workflow management, business process management & automation and shipping & logistics. In the Mailing, Shipping & Office Solutions business unit, FP is the world’s third-largest provider of mailing systems and is also the market leader in Germany, Austria, Scandinavia and Italy. FP has subsidiaries based in 15 countries and is represented by its own trading network in many other countries. In the Mail Services business unit, FP offers the consolidation of business mail and is among the leading providers in Germany. In 2022, FP generated revenue of more than EUR 250 million.