1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
151
152
153
154
155
156
157
158
159
160 
TPG to restructure
Page 8
If you've noticed an error in this article please click here to report it so we can fix it.
TNT's parent company TPG is to announce plans for restructuring its logistics division next quarter after seeing the division's pre-tax profits almost halve in the first quarter to 31 March, The group says that pre-tax profits in logistics foil to 20m (1.13.8m) from 39m (126.9m) in the same period last year, due to low customer volumes.
However, it won a number of new contracts in the period, Including Pirelli and Telecom Italia, and the new business continues to be healthy.
Overall, the group reported revenue growth of 01% to -2.9bn (£2bn). Pre-tax profits fell 0.4% to 254m (1175m) compared with a year earlier.
CEO Peter Bakker says; "Mail and express continue to perform strongly. There are a number of key issues to tackle In logistics and therefore we have launched an urgent transformation programme."