“Good progress” at Business Post
Business Post has made “good progress … despite the challenging trading environment”, after publishing their financial results for the last year. Business Post has made “good progress … despite the challenging trading environment”, after publishing their financial results for the last year.
Releasing figures for the year ending 31 March, group revenues were up 7.6% to £386m, compared to £359m previously. UK Mail revenues jumped 19.8% from 2008 to £164m.
The company also announced that profit before tax (before exceptional items) was up 23.2% to £17.5m.
On releasing the results Guy Buswell, chief executive of Business Post, said: “We have again made good progress in the year, despite the challenging trading environment in the second half. We have reacted quickly to the changing conditions, reducing our cost base further, which helped us to deliver another significant improvement in financial performance.”
A company statement went on to say: “UK Mail achieved good revenue and profit growth, and further increased its market share. Parcels profits increased with reduced operating costs more than offsetting the impact of lower revenues, and here also we grew market share. Specialist Services also performed well.
“Trading in the early weeks of the new financial year has been in line with management expectations. Whilst there have been some tentative signs of an improvement in market conditions, it is too early to discern any sustainable trend. However, our business model and strategy, underpinned by a strong balance sheet, are proving resilient in the current economic climate. We are encouraged by our performance to date and are confident of the Group’s ability to continue to outperform the markets in which we operate.”