Revenues up by 5.5% at UK Mail
UK Mail has revealed that company revenue jumped by 5.5% during Q1 2011, compared to the previous year. Adjusting for one less working day than in the previous year, as well as the increase in Royal Mail prices implemented on 6 May 2011, underlying Group revenues increased by some 4%.
Results for the period – which covered 1 April to 12 July – were announced by chairman Peter Kane at the company’s AGM.
Kane said: “We have made a satisfactory start to the financial year, with trading performance in line with management expectations”.
The chairman added that UK Mail’s parcel revenues showed “satisfactory growth”, as a result of new customer wins, “albeit in a pricing environment that remains challenging and with a continuation of the volume mix seen in the second half of last year”.
The Mail arm remains in a good position with a “strong pipeline of new business opportunities”.
UK Mail has seen good revenue growth in its Courier business, whilst the Pallets business has shown resilient performance in a challenging market.
“Economic conditions remain difficult but we continue to maintain our strong focus on driving efficiency and innovation to defend and increase our market share. The Group remains in a sound financial position,” concluded Kane.