The Hague-based PostNL to slash 200-300 jobs to reduce cost, improve efficiency

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The Hague-based PostNL, a postal and package service, announced on Monday, February 28, that it is slashing 200-300 full-time jobs in 2023, mainly at the Parcel division. The Dutch postal service says it is also taking other measures to reduce costs and improve efficiency. 

PostNL says the cuts will result in cost savings of €20M in 2023, followed by €25M in 2024 and €30M a year from 2025. The announcement comes as the company published its Q4 and FY2022 financial results. 

The Dutch postal service company forecasts a normalised operating profit of between €70M and €100M in 2023, compared to €84M in 2022. 

Herna Verhagen, CEO of PostNL, says, “As the challenging conditions are expected to continue into 2023, it is critical to invest in further strengthening of our fundamentals and to secure our position in a dynamic and very competitive market. In 2023, we will further innovate our services and improve customer value.” 

“And in addition to a number of initiatives to improve efficiency, mainly at Parcels, we are today announcing a reduction of 200-300 FTEs in overhead and other measures to reduce indirect costs.”

In 2022, the first tranche of the share buyback programme with a total maximum value of €250M was completed. PostNL repurchased 51M shares for a total consideration of €164M. 

However, the company has delayed the second tranche of the programme, scheduled to be executed during 2023, until further recovery of business performance. 

At the time of writing this article, PostNL’s shares were down by 8.58 per cent after falling as much as 12 per cent in early trading. 

PostNL: The Netherland’s largest postal and package services

PostNL is the Netherlands’ largest company providing postal and package services. 

The postal service delivers an average of 1.1M parcels and 8.1M letters across the Benelux region on weekdays. 

Besides delivering mail and parcels, the company also provides logistics solutions for e-commerce and cross-border solutions.

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