MaltaPost plc - Full-Year Results

Monday, December 11th, 2017

On 11 December 2017, MaltaPost plc published its preliminary full-year results for the financial year ended 30 September 2017.

Performance Overview

During the financial year under review, MaltaPost plc registered a 37.7% increase (or +€10.5 million) in turnover to a record €38.4 million reflecting growth across services related to international mail, parcels and document management. However, most of the increase in revenues translated into higher overheads as total operating costs increased by nearly 43% (or €+10.4 million) to €34.7 million, leading to an operating profit of €2.91 million (FY2015/16: €2.77 million). Excluding depreciation and amortisation charges, EBITDA improved by 2.3% to €3.7 million (FY2015/16: €3.62 million).

After taking into consideration a marginal finance income of €0.15 million, MaltaPost’s pre-tax profits increased by 4.1% to €3.05 million when compared to the previous comparable period. The tax charge for the year amounted to €1.04 million, which is 19.5% higher than the €0.87 million charge incurred in the previous financial period. Accordingly, post-tax profits eased by 2.4% to €2.01 million (FY2015/16: €2.06 million). This translates into an earnings per share of €0.0538 (FY2015/16: €0.0562).

The Statement of Financial Position shows a 14.3% increase in total assets to €41.5 million (30 September 2016: €36.3 million) mostly reflecting additions to trade and other receivables (+62.7% to €11.3 million). On the other hand, total liabilities grew by 26.7% to €17.9 million largely reflecting the 30.3% increase in trade and other payables to €14.8 million. Overall, the Company’s equity base expanded by 6.4% to €23.6 million which translates into a net asset value per share of €0.628 (30 September 2016: €0.601).

Dividend

The Directors recommended an unchanged final net dividend of €0.04 per share to all shareholders as at close of trading on Friday 5 January 2018. The dividend will be paid on 9 March 2018 subject to shareholders’ approval at the upcoming Annual General Meeting scheduled to be held on 9 February 2018.

Outlook

In their commentary, the Directors of MaltaPost noted that the company remained focused on its core business while also seeking to implement its diversification strategy. In fact, MaltaPost continued to seek new opportunities so as to ensure sustainable growth while remaining the trusted postal and logistics operator offering a comprehensive product portfolio. In addition, the Directors explained that the constant decline in letter mail business coupled with the Universal Service Obligations continue to weigh heavily on profitability. These, together with availability of suitable delivery staff also pose challenges. Consequently, further investment in technical resources together with cost-efficiency measures were implemented, resulting in operational and customer service enhancement.

Looking ahead, the Directors remain confident of the company’s prospects while continuing to drive its efforts towards further diversification and improvement of its core services.

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MaltaPost plc – Preliminary full-year results for the financial year ended 30 September 2017.

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