Xmas post ups PO performance
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• Despite continuing losses Parcelforce expects to break even when full-year results for the Post Office are announced this summer.
Half-year results reveal that the Post Office has made a pretax profit of £62m. The Royal Mail and Parcelforce made combined profits of £35m, despite Parcelforce losses.
However, Parcelforce predicts a stronger second-half performance thanks to Christmas mail.
Parcelforce has been hit by a disappointing performance from its standard services, although it claims to have made progress on express services. "We are on track to break even," says Jim Woodman, operations director.
Last year Parcelforce revealed losses of £75m after its first year's trading — £60m of this caused by income allocated to Parcelforce which should have gone to the Royal Mail (CM 11-17 July 1991).