European e-commerce logistics enabler InPost has released its financial results for Q1 2024, revealing strong year-on-year (YoY) growth in parcel volumes (147%) and revenue (194.1%). Total parcel volumes for the first three months of 2024 were 242.6 million across nine markets, while revenue reached PLN2.426bn (US$615m).
The company also expanded its out-of-home (OOH) points by 59% compared with last year, adding 8,460 points including 6,800 parcel locker machines.
Poland and InPost’s international markets contributed to overall parcel volume growth, recording YoY improvements of 20% and 26%, respectively. Particularly robust revenue performances were observed in Poland and the UK, as well as in the B2C segment in Mondial Relay markets.
Polish parcel volumes exceeded market growth with volumes reaching 159 million, up 20% YoY and well above e-commerce market volume, which was 12%. The UK and Italy were also strong markets in the first quarter, with 22 million parcels delivered, up 114% YoY.
Rafał Brzoska, founder and CEO of InPost Group, commented, “InPost Group has had an encouraging start to 2024 in line with our ambitions and expectations. Volume growth in Q1 significantly outpaced the market across all our geographies while also delivering strong year-on-year progress in EBITDA [earnings before interest, taxes, depreciation and amortization] and cash flow generation.
“We remain very much on track in implementing our strategic priorities. These include continuing to expand our Pan-European locker network with a particular focus on APM deployment levels in the UK and France. In parallel, we are making good progress in building our B2B business in Mondial Relay, in driving profitable growth in the UK and Italy and in enhancing our already market-leading position in Poland with the launch of new services such as InPost Pay. Looking ahead, we remain confident in our full-year outlook.”
The second quarter of 2024 is also looking positive, with volume growth currently at 20% at group level, with volume in Poland growing mid-teens and total international volume growing at a faster rate than Q1.