Consignia racks up £1.1bn of annual losses
Consignia racks up £1.1bn of annual losses
Read MoreAuthor: Archive
TPG & Shanghai Automotive launch China Automotive Logistics JV
TPG NV said it officially launched its 50/50 joint venture with Shanghai Automotive Industry Corp Group (SAIC) to provide logistics services to the automotive industry in China.
The joint venture was announced in September.
TPG reiterated that the venture will employ more than 600 people and have annual sales of about 100 mln eur. Operations had been expected to commence in March 2002.
£1.1 Billion loss underlines urgent need for radical restructuring
Consignia today announced a £1.1 billion, pre-tax loss for the year ending March 2002 as the company unveiled more details of its radical restructuring plan.
The Chairman, Allan Leighton, said: “The underlying loss from operations of £318 million graphically shows why we need to restructure the company and embark on our three-year renewal programme to restore profitability.”
He also announced that Royal Mail would save £350 million a year by moving to a single delivery at a consistent time, six days a week. “This is the most sensible and responsible way to reduce costs with minimum impact on customers,” said Mr Leighton.
Read MoreChristian Salvesen Financial Results
IT CAME as little surprise yesterday when Christian Salvesen said its pre-tax profit fell 26 per cent last year. The slump had been well flagged. The trouble is the company can do little to improve the situation, since its fate is largely dictated by the health of the depressed manufacturing industries over which it has no control.
The sector generates about 40 per cent of the group’s sales, the bulk of them from the UK. By its own admission the company’s profits will probably fall in the first half of this financial year as there seems little chance of an early pick-up in the manufacturing sector, although it says the position could improve in the second half.
Read MorePanalpina Annual Report 2001
Panalpina Annual Report 2001
Read MoreTHE NEW NIGHTFREIGHT DELIVERS A RECORD PERFORMANCE
One year on from a management buyout (MBO), Nightfreight has
refocused and streamlined its overnight freight and parcels delivery
service, repositioned the company, achieved market leadership in the
mixed parcels and IDW (irregular dimension and weight) freight niche
and delivered an impressive set of trading figures in a very competitive
market place.
• Sales increased by 13.7%
• Profit up by 32.8%
Koizumi falters on postal reform
Prime Minister Junichiro Koizumi appeared to make a major concession Tuesday on passage of a package of bills designed to reform the national postal system.
He previously had said the reforms would be a “milepost toward eventual privatization.”
But in a Lower House committee deliberating the postal system legislation Tuesday, Koizumi said no limits should be placed on the debate following the shift in status of the Postal Services Agency to a government-owned public corporation from April 2003.
Read MoreConsignia's woes mount ahead of loss announcement
Postal group Consignia was facing the threat of a national strike over jobs as it prepared to unveil record losses of over #1 billion, it was revealed tonight.
The Communication Workers Union (CWU) could ballot over 200,000 postal workers for industrial action in protest at plans to outsource support services, including cleaners’ jobs.
The move would heap more problems onto Consignia, which is tomorrow expected to report losses of up to #1.2 billion and confirm thousands of job cuts.
The company is also set to axe its controversial name and restyle the group as the Royal Mail.
Post & Parcel Magazine
Post & Parcel Magazine is our print publication, released 3 times a year. Packed with original content and thought-provoking features, Post & Parcel Magazine is a must-read for those who want the inside track on the industry.