Neopost first quarter results 2010
Added: 03/06/2010 Reporter: Michael Green
Neopost, the European leader and the world's number-two supplier of mailroom solutions, recently announced consolidated sales of €227.0 million for the first quarter of the 2010 financial year (ended 30 April 2010), a fall of 0.9% in comparison with the first quarter of 2009. At constant exchange rates, the decline in sales was 0.4%.
Denis Thiery, Chairman and Chief Executive Officer of Neopost, stated: "As anticipated, the first quarter saw an acceleration of growth in the North American market, while in Europe the market was still tough but has been stabilising. Overall, our sales were in line with the scenario determined at the beginning of the year."
North America
First quarter 2010 sales were up 6.8% at constant exchange rates relative to the same period in 2009. This performance was due in particular to the commercial success of our product ranges, positive momentum arising from the reorganisation of our operations last year and the integration of Satori.
France
First quarter 2010 sales were down 11.1% relative to the same period in 2009. As expected, some maintenance revenue invoiced in the first quarter of last year will not be invoiced until the second and third quarters of this year. Without this timing impact, sales would have been virtually flat over the quarter.
United Kingdom
In a market that remained tough, first quarter 2010 sales fell by 3.2% at constant exchange rates relative to the same period in 2009.
Germany
The trend is improving in Germany. First quarter 2010 sales were down only slightly at constant exchange rates relative to the same period in 2009 (-1.1%).
Rest of World
At constant exchange rates, first quarter 2010 sales were up 6.8% relative to the same period in 2009, mainly thanks to the growth of recurring revenue and good integration of distributors acquired in 2009. On the other hand, export business, which is more variable from one quarter to the next, declined.
