TPG outlook statement confirmed

Chairman and CEO of the Dutch postal group, Ad Scheepbouwer, confirmed TPGs outlook statement that, assuming stable exchange rates, TPG expects to grow net income in 2001 by 20-25% (on a like-to-like basis after restating for changes in the Dutch accounting rules).
In the first quarter of 2001 the mail operating margin improved compared to the same period last year, despite some softening in Dutch mail volumes, particularly direct mail revealed Scheepbouwer. The yield management programme in express mail continued to be successful in the first quarter of 2001 further improving the margins, despite some signs of economic strain in Europe and continuing performance issues issues in Australia. The logistics side has shown strong improvement of the organic revenue growth in the first quarter of 2001. The economic slowdown in North America has less impact than anticipated. The new contract pipeline remains healthy. The TPG board of management stated it therefore reconfirms its outlook statement for the year 2001.