June 17, 2020 / 6:40 AM / 21 days ago

UPDATE 1-PostNL expects to outperform in 2020 after strong Q2

(Adds detail throughout)

June 17 (Reuters) - Dutch postal firm PostNL expects its annual normalised operating profit to “strongly” outperform buoyed by its parcel delivery business in the first half of the year.

The company, which delivers parcels and letters across the Benelux - Belgium, the Netherlands and Luxembourg - said it is operating at almost optimal capacity, with volume growth in parcels of more than 25% in April and May after close to 14% at the end of March.

It expects normalised earnings before interest and taxation for the three months to June 30 to be well above the 39 million euros ($43.95 million) it reported a year ago.

That will translate into an improvement in free cash flow, the company said in a statement.

PostNL warned, however, that longer-term visibility remains limited due to uncertainties about the duration and severity of the coronavirus pandemic.

This month the company said it expected 2020 free cash flow of 185-215 million euros while its previous EBIT forecast was 110-130 million euros.

$1 = 0.8873 euros Reporting by Pawel Goraj; editing by Shri Navaratnam and Jason Neely

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