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Berlin, 18 November 2021 – Francotyp-Postalia Holding AG (ISIN DE000FPH9000) posted a good revenue and earnings performance in the first nine months of 2021. On 15 November, the company revised its earnings forecast for the current financial year.
Consolidated revenue increased by 0.9% to EUR 148.9 million in the first nine months of this financial year compared with EUR 147.6 million in the same period of the previous year. Earnings before interest, taxes, depreciation and amortisation (EBITDA) amounted to EUR 15.2 million after EUR 19.5 million in the previous year. Free cash flow amounted to EUR 4.6 million compared with EUR 7.1 million in the same period of the previous year. The FP-Group has continued to implement the FUTURE@FP transformation programme in recent months.
Revenue in the Software & BPA and IoT business grew by 8.3% to EUR 13.2 million, compared with the previous year’s figure of EUR 12.2 million. In the input management business, the solution portfolio was expanded, and new customers were acquired. The FP Sign signature solution showed continued positive business development, due to intensified sales and product enhancements.
Revenue in the Mail Services business regarding the collection, franking and consolidation of business mail increased to EUR 45.6 million compared with EUR 42.9 million in the same period of the previous year, representing growth of 6.4%. Over the nine-month period, the processed mail volume increased slightly year-on-year.
The revenue in the Franking & Office Solutions business fell slightly by 2.6% to EUR 90.1 million in the first nine months of 2021 compared with EUR 92.5 million in the same period of the previous year. Foreign currency developments had a negative effect on revenue of EUR 2.1 million. Not including this effect, revenue would therefore have remained stable. The solutions of HEFTER Systemform, which was acquired in 2020, for example with air purification systems and high-security shredders, also contributed positively to revenue and recurring revenue in the franking business.
Implementation of the FUTURE@FP transformation programme
FP CEO Carsten Lind says: "The implementation of the FUTURE@FP transformation program is progressing. The new operating model of FP is an important part of simplifying and digitalising internal as well as customer and partner-oriented processes. Together with implementing our new ERP/CRM system in 2022, the new operating model will enable further simplification and cost reductions. Besides the operational changes, we continue with dedication in further developing our hardware and software solutions within mailing and shipping, business process automation, digital signatures and IoT. First effects of the actions taken are becoming visible in the EBITDA and revenues after the first nine months.”
CFO Martin Geisel explains: “The positive revenue development and the consistent implementation of the measures from the FUTURE@FP transformation programme had positive effects on our profitability. In the first nine months, we adjusted the cost base to the current revenue level and have thus already achieved considerable savings. Further measures are being implemented to sustainably increasing profitability."
In the first nine months of 2021, the FP Group generated EBITDA of EUR 15.2 million compared with EUR 19.5 million in the same period of the previous year. This corresponds to a decrease of 21.8%. The EBITDA margin reached 10.2% (same period of the previous year: 13.2%).
A meaningful comparison on a year-on-year basis is the normalised EBITDA perspective excluding currency effects, own work capitalised and corona-related subsidies. The normalised EBITDA after nine months improved by 30% to EUR 12.4 million after EUR 9.6 million in the same period of the previous year.
|In EUR million||9M 2021||9M 2020||Change|
|EBITDA as reported||15.2||19.5||-21.8 %|
|Own work capitalised||-4.0||-7.4||-46.3 %|
|Corona-related subsidies||-0.2||-2.4||-91.1 %|
|Normalised EBITDA||12.4||9.6||29.6 %|
Forecast for 2021 revised
For 2021 as a whole, FP previously expected revenue of between EUR 192 million and EUR 200 million and earnings before interest, taxes, depreciation and amortisation (EBITDA) of between EUR 12 million and EUR 16 million (EBITDA margin of 6% to 8%).
The Management Board now expects revenues in a range between EUR 198 million and EUR 201 million and an EBITDA within a range of EUR 17 million and EUR 18 million (EBITDA margin of 8.5% to 9.1%) compared with revenue of EUR 195.9 million and an EBITDA of EUR 8.0 million in the previous year.
|In EUR million||9M 2021||9M 2020||Change|
|Cost of materials||74.6||69.8||6.9%|
|Employee benefit expenses||42.6||45.8||-7.0%|
|Amortisation, depreciation |
|Earnings per share (in EUR)||0.14||0.24||-42.6%|
|Free cash flow||4.6||7.1||-35.2%|
*without own work capitalised, exchange rates and corona-related subsidies
Please note that there may be rounding differences compared to exact figures (monetary units, percentages, etc.).
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The stock-listed and globally operating FP Group, headquartered in Berlin, is an expert in solutions that make office and work life easier and more efficient. The FP Group has four business units: Software & Business Process Automation, Franking & Office Solutions, IoT and Mail Services. As the market leader in Germany and Austria and the world's third-largest provider of franking systems, the FP Group is a well-established player with almost 100 years of corporate history. FP is represented in ten countries by its own subsidiaries and in 40 other countries via a dealer network. In the Software & BPA business, 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 growth areas of Internet of Things (IoT), FP develops platform- and software-as-a-service solutions not only to record and transmit data, but also to format this data and make it usable for customers. In the Mail Services business, FP offers the consolidation of business mail and counts among the leading providers in Germany. The Group generated sales of around 196 million euros in 2020.