TPG trying to turn around Australian operation (ABIX Summary)

By Roger Hailey

Dutch logistics and mail group TPG has reported strong first-half results.

First-half revenues rose 18.7 per cent to XEU5.56bn, while net income rose 28.1 per cent to XEU319m. The company reiterated its forecast for full-year growth of between 22 and 25 per cent. Its Express parcels delivery business saw revenue grow 2.8 per cent to XEU2.06bn, but the unit took a 1.7 per cent hit due to the loss of the French Chronopost business to Federal Express of the US. A poor result by Federal Express in Australia meanwhile has the company plotting a “comprehensive” strategy to turn performance around