TPG reports steady first quarter 2003 results

TPG has today reported its first quarter 2003 results. Full details are contained below.

Financial highlights

Net income excluding pension increase up 2.8% (4.2% at constant
exchange rates)
Revenue growth of 0.7% (5.7% at constant exchange rates)
Record cash flow performance: free cash flow up 56.1%
Strong Mail performance due to tight cost control
Record first quarter result in Express
Pressure on Logistics margin continues

CEO Peter Bakker:
“TPG’s performance in the first quarter of 2003 again demonstrates that we deliver solid results despite difficult economic circumstances. The like for like growth in net income was in line with our expectations and our free cash flow has improved to record levels. Mail and Express continue to perform strongly. There are a number of key issues to tackle in Logistics and therefore we have launched an urgent transformation programme to address the margin erosion. Provided there is no further deterioration in global economic conditions, TPG is well positioned to progress in line with the targets we have set ourselves.”