UK Business Post AGM trading update

At the AGM today of Business Post, the UK’s leading independent express delivery company, the Chairman, Peter Kane, will state:

“In the first quarter of the financial year, to 30 June 2005, revenues in Parcel Services were 9% ahead of last year, benefiting from continued strong growth in HomeServe and the higher rates of growth in the International market for cross-border shipments. Revenues in Express were ahead of last year but affected by market conditions which continue to be challenging. Accordingly, a number of initiatives have been undertaken to reduce costs.

Within Specialist Distribution Services, revenue growth was 15% and profit margins continued to improve within UK Pallets.

UK Mail made further progress, trading ahead of expectations, increasing its market share to around 1.25%, and successfully launching its service for unsorted mail.

The Board continues to expect good progress in the current year, in line with expectations.”

Site Visit

This afternoon, Business Post will be hosting a visit by investors and broker’s analysts to UK Mail’s first sorting centre for unsorted mail, at Swindon. No material new information will be disclosed during this visit.