Between  1992  and  2001,  Neopost  generated  average sales  growth  of  9%  per  year,  of  which  around  8% consisted of organic growth. The sharp rise in 2002 was due to the Ascom Hasler and Stielow acquisitions. SALES (in €m) OPERATING INCOME   (in €m) Since  1992,  Neopost’s  operating  income  has  risen  by 23%  per  year  on  average.  In  1998,  Neopost  started investing  heavily  in  Internet-based  franking  solutions, and  set  up  the  dedicated  Neopost  Online  subsidiary. However, this unit’s costs remained too high for it to be profitable,   and   Neopost   decided   to   close   it   down. Nevertheless, the investment carried out between 1998 and  2002  enabled  Neopost  to  build  a  vital  base  of technology for the future. H I S T O R I CA L   DATA 92 264 93 278 94 301 95 286 96 327 97 365 98 399 99 438 00 514 01 575 02 761 03 751 92 16 93 33 94 38 95 48 96 55 97 68 98 78 99 90 00 108 01 122 02 146 03 -3 -15 -38     -39 -13 156 Excluding Neopost Online Neopost Online CONCEPTION, WRITING AND DIRECTION: Gavin Anderson & Company - Neopost DESIGN: Michel Jeanne ILLUSTRATIONS : Stéphane Jungers PHOTOS : Philippe Zamora and Bob Grier