TNT loses but UK is OK
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• TNT's UK profits have risen although disappointing worldwide results continue. Thirdquarter figures to March showing a loss of £18,6m — adding to the six-month loss to December 1991 of £22m.
Borrowings were reduced by setting up a 'pint company, GD Express Worldwide, in partnership with the Post Offices of Canada, Sweden, France, Germany and the Netherlands which bought 50% of shares in the venture (CM 26 March-1 April).
GD Express succeeded GD Net, in which TNT operated a partnership with the same Post Offices. A US flotation of GD Express shares is reported to have raised £222m, However, TNT in the UK is claiming a further improvement in profits above what it says were "record results" last year. It will not put figures to these results but Alan Jones, managing director of TNT Express, based in Atherstone, Warks, points to a growth in parcels customers as a determining factor.
Parcels growth was boosted by the decision of departing US giant Federal Express to endorse TNT Express World wide to its customers in nine European countries.
TNT Contract Distribution and TNT Express Delivery have done particularly well, according to Jones, who says that new computer systems have improved efficiency. "Like a runner in a race, our objective has always been to beat our previous best," he adds.