UK Mail publish interim results
UK Mail has seen a drop in Group revenue of 3.2% for the six months ending 30 September 2009. The company recorded Group revenue of £188.2m, compared to 2008 levels of £194.5m.
UK Mail revenues was up 5.6% to £84.6m (2008: £80.1m), and Group profit before tax was up 18.6% to £7.0m (2008: £5.9m).
Guy Buswell, chief executive of UK Mail, said: “Our first half performance has been robust, despite the market challenges. We have taken more cost out of our distribution network, already one of the most efficient in the industry. This, together with new business wins and innovative new products coming on stream, has increased profit by 18.6% despite a slight revenue reduction. Our financial position is also strong, with net cash at the period end.
“Our strategy is to leverage our low-cost network in order to build competitive advantage and drive profitable revenue growth. By bringing new products and services to market, we aim to increase both the size of the market available to us and our share of that market.
“Whilst market conditions for the balance of the year remain hard to predict, trading in recent weeks has been in line with our expectations, with minimal overall impact from the recent mail strikes. We therefore remain confident about the outcome for the full year, and about UK Mail Group’s longer-term prospects.”
