InPost S.A. announces positive growth in Q2 & H1 2021
InPost S.A. have announced a 54% year-on-year revenue growth in H1 2021 and 30% revenue growth in Q2 2021 with an accelerated execution of pan-European growth strategy, benefitting the Company’s “flywheel” effect” and enhancing its overall consumer proposition. InPost S.A. say that the full year 2021 outlook remains unchanged.
Key highlights from H1 include:
- Completed the acquisition of Mondial Relay on 1 July to create Europe’s leading out-of-home solution for e-commerce.
- Established partnerships with 6 key cities in Poland as part of the “Green City” program, focused on a range of innovative environment initiatives including the first renewable energy solution for APMs in Poland.
- Total number of Automated Parcel Machines (APM) increased by 56% year-on-year to 15,572, with 2 million lockers deployed (+75% year-on-year).
- In Poland, APM parcel volumes increased by 61% year-on-year to 165 million. International parcel volumes increased by 314% year-on-year to 2.9 million.
- Adjusted EBITDA of PLN 695 million (42.1% margin) increased by 73% year-on-year, with~ 470 basis points of Adjusted EBITDA margin expansion compared to H1 2020.
- Capex increased by 53% year-on-year to PLN 329 million, supported by a 7% reduction in APM production costs.
- Free Cash Flow increased by 90% year-on-year to PLN 400 million with cash conversion improving to 58%, compared to 52% in H1 2020.
- Ended H1 2021 with an LTM net leverage ofl.8×7• or ~3.0x on a pro-forma basis, including Mondial Relay acquisition.
“Following our exceptionally strong start to 2021, In Post had another great quarter in Q2. Following the unprecedented growth we saw in Q2 last year, we continued to outgrow the market, delivering 30% year-on-year revenue growth, expanded our margins and accelerated our progress on key initiatives to support our pan-European growth strategy.
While I expect the short term uncertainties from COVID-19 to continue, I am also certain that the accelerated shift to a digital economy is structural, driving an expanded e-commerce market opportunity, a greater focus on sustainability, and changing consumer preferences.”
Rafał Brzoska, Group Chief Executive Officer, lnPost