Spanish postal operator Correos successfully reduced its financial losses by a third last year thanks to double-digit parcels growth and cost reductions – but excluding a massive €428 million provision for a new voluntary redundancy scheme.
The state-owned company, which has been in the red for many years and has been headed by Pedro Saura since last year, said that it reduced its adjusted operating loss by 33% to -€94 million in 2024. This placed it within the projections of the Strategic Plan 2024-2028, the aim of which is to reverse the company's current loss situation to ensure its economic and financial sustainability.
Parcels growth
The largest contribution to the increase in revenue came from parcels, whose shipments increased by 14% last year. This double-digit growth was the result of efforts to regain market share through greater process automation and quality improvements. Parcels volumes should be further boosted this year through the recent agreement with Temu for nationwide deliveries.
On the expense side, the company has achieved a reduction of €81 million from the previous year. These savings concentrated especially on items related to professional services, promotion and energy consumption.
Voluntary redundancies
