Improved Earnings for Norway Post in 2009
Despite a fall in revenue as a result of the economic slump, Norway Post increased its earnings in 2009. The earnings before non-recurring items and write-downs came to US$170 million, up 50 percent compared with 2008.
Dag Mejdell, CEO of Norway Post, said: “We are very pleased with our results in 2009 and the fact that they were better than in 2008. Our industry is sensitive to fluctuations in the market and last year was demanding.”
The Group’s operating revenues fell by 5.4 percent last year and came to US$4.4 billion, compared with US$4.8 billion in 2008. Norway Post’s revenues were mainly affected by the general poor economy. Lower levels of activity affected the mail, logistics and IT segments.
Norway Post implemented the Spinnaker efficiency programme in 2008 to deal with the challenges the Group was facing in the market. This programme is intended to increase revenues and reduce costs by US$3.7 million by 2012. In 2009 the Spinnaker programme has had an effect worth approximately US$1.6 million, which is much better than expected. The measures are one of the main reasons for the solid growth in earnings in 2009.
Measures implemented last year included the downsizing of management, conversions to Post in Shops, the winding up of Bring Citymail in Denmark, and improvements to the efficiency of the purchasing routines. Last year Norway Post received payment for the unprofitable postal and banking services it has to provide under the terms of its licence. This also contributed to the improvement in the earnings.
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