TNT parcels up profits
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by Karen Miles • TNT proclaimed improvements to its global financial stability last week as it posted its latest batch of financial results, which again show the UK as one of the group's better performers. TNT says there were increased revenues and profitability in UK's parcels sector because of an economic upturn, but contributions from contract distribution and newspaper delivery activities were lower because of "revised contract terms and reduced activity in some market sectors".
Neil Crossthwaite, managing director of TNT's UK contract distribution business—now renamed TNT Logistics—said parcels and logistics turnover and operating profit were "well up" on last year. Parcels is dealing with record volumes and logistics is "seeing some growth".
Worldwide, however, the group still shows the pressures of recession with results for the nine months to 31 March showing consolidated revenue dropping by 1.4% to Aus$2,118.8m (41,044m) and the group making a loss, before including abnormal items, of Aus$3.5m (£1.72m).