Business Post announces 18.9% increase in pretax profit
Business Post, one of the UK’s leading express delivery companies, announces an 18.9% increase in pre-tax profit to £15.1 m for the year ended 31 March 2002.
In a subdued economic environment, the increase in operating profit margins to 11.1% from 9.9% was a particularly pleasing result.
The Group’s operating highlights were:
the successful implementation of its five year agreement with FedEx to act as its Global Service Participant in the UK;
a strong improvement in the proportion of on-time deliveries, to the highest in the Group’s history;
the launch of UK Today, the Group’s nationwide same-day courier service; and
the granting of an interim licence to UK Mail, the Group’s business mail subsidiary.
UK Mail has been unable to reach agreement with Consignia over charges for access to Royal Mail’s local delivery network and has therefore referred the matter to Postcomm, the independent industry regulator, for a determination of tariffs. Whilst the process of determination means that commencement of UK Mail’s service will be delayed, the UK business mail market remains an exciting opportunity.
Peter Kane, Chairman, stated “The Board believes that the year under review was one of good achievement for Business Post and that the Group has entered the current year in a strong market position.”
“The current year is the first of a three year strategic plan during which we expect to make substantial progress. It will be a year of investment for the future, notably in the franchise network and the Group’s newer and smaller businesses. Notwithstanding these cost increases, further progress can be expected in the current year. The Board remains very confident about the Group’s long-term potential.”
Enquiries:
Business Post Group Plc
Paul Carvell (Chief Executive) until 2.00 p.m. – 020-7444 4166
from 22 May – 0121-335 1111
Peter Fitzwilliam (Finance Director) until 2.00 p.m. – 020-7444 4166
from 22 May – 01753-706070
Bankside Consultants Limited
Charles Ponsonby 020 7444 4166
