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La Poste has announced its results for the 2018 fiscal year. The Group’s consolidated operating profit totalled €892 million, representing an 11.8% drop of €120 million.

The company’s statement says: “Efforts by all business lines to rein in expenses have not managed to fully offset the accelerating decline in mail volumes, the costs linked to the growth of parcel activity in France, and Europe-wide pressure on express parcel margins, in Germany in particular.”

That said the Group’s consolidated operating revenue totalled €24,699 million, up 2.4% (+1.2% at constant scope and exchange rates). Key contributors were the Services-Mail-Parcels business unit and, to a lesser extent, the GeoPost and Digital Services business units.

Philippe Wahl, Chairman and Chief Executive Officer of Le Groupe La Poste, said: “The robustness of our multi-business model has enabled us to continue our development in accordance with our strategic plan. The year 2018 was a challenging one for La Poste’s various markets: decreasing mail volumes, historically low interest rates and pressure on parcel margins throughout Europe have led to a decline in our profits. We made the choice to continue to invest in our industrial and logistics facilities so as to support the growth in the parcel market and to pursue our external growth transactions. This will enable us to prepare efficiently for our Group’s future and ensure its successful transformation. We have also introduced a number of professional development programmes for La Poste employees.

In 2019, we will continue to make our customers’ lives easier and innovate to meet their needs in terms of local services, this is La Poste’s raison d’être, the main focus of our business, and how we ensure we remain useful to millions of people.

The year 2019 will see an important milestone in the strategic equity alliance between La Poste and Caisse des Dépôts. This transaction will enable us, through equity investment, to accelerate our development for the benefit of our customers and local communities.”