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NZ express group Freightways records strong half-year result

Posted by | Feb 8, 2007 | |

Freightways Ltd, the New Zealand express and freight transport group, has announced that it achieved record revenues and earnings for the half year ended 31 December 2006, in spite of the challenging business environment.

Consolidated operating revenue of $144 million (EUR 75.9 million) for the half year was 11% higher than for the corresponding period 12 months ago, with earnings before interest, tax, depreciation and amortisation (EBITDA) of $33 million up by 6% over the same period. Consolidated net profit after tax and before amortisation of $16.5 million for the half year was 3% higher than the previous corresponding period.

Managing director Dean Bracewell commented: “The half year result reflects another strong period for Freightways that has continued to deliver upon its strategy.” As a result, Freightways has declared a dividend of $11.6 million reflecting this sound interim result which translates to 9.0 cents per share fully imputed to be paid on 31 March 2007.

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UPS Bulgaria reports surge in incoming express deliveries

Posted by | Feb 8, 2007 | |

The Bulgarian unit of UPS said incoming shipments have posted a significant increase so far in 2007 with outgoing packages rising 20% year-on-year in January, said Zhana Toromanova, the UPS marketing manager for Bulgaria.

In synch with Bulgaria’s EU entry on January 1, UPS aligned its local product range to the pan-EU portfolio it offers in 27 member states.

The company started offering UPS Express Plus which guarantees delivery by 9 am the next business day to virtually all business areas within the country and in Europe; UPS Standard, a service for less urgent shipments with day-definite delivery; and UPS Expedited, a service for shipments to worldwide destinations.

UPS said the new services are expected to boost Bulgaria revenues by 15% in 2007. The company reported a 22% increase in revenues last year.

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Growing concerns over the UK government's post office closure proposals

Posted by | Feb 8, 2007 | |

The influential Counters Advisory Group, chaired by Elizabeth Hodder of Postwatch, has today written to Postal Services Minister Jim Fitzpatrick setting out its concerns with the Government’s proposals for the closure of 2,500 post offices. The Minister attended the group’s meetings in December and January.
The group wants, among other things:
• All local factors which affect a community to be taken into account when deciding the future of individual post offices.
• The timetable for the restructuring programme to be flexible enough to secure the right outcome for customers.
• Local consultations to take place over 12 weeks and not 6 as wanted by the Government.
• Outreach solutions (like mobile post offices) to be in place before the post offices they replace close.

In support of these points, Elizabeth Hodder said:
“The Government’s proposals unnecessarily restrict the factors to be taken into account to distance and topography. The majority of the group want issues like the availability of public transport, walking distance to the nearest post office (not just as the crow flies measurements), the effect on the local economy and relevant socioeconomic factors such as age, health and deprivation to be assessed.

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Concerns with the UK Government's post office closure proposals

Posted by | Feb 8, 2007 | |

The influential Counters Advisory Group, chaired by Elizabeth Hodder of Postwatch, has today written to Postal Services Minister Jim Fitzpatrick setting out its concerns with the Government’s proposals for the closure of 2,500 post offices. The Minister attended the group’s meetings in December and January.

The group wants, among other things:
• All local factors which affect a community to be taken into account when deciding the future of individual post offices.
• The timetable for the restructuring programme to be flexible enough to secure the right outcome for customers.
• Local consultations to take place over 12 weeks and not 6 as wanted by the Government.
• Outreach solutions (like mobile post offices) to be in place before the post offices they replace close.

In support of these points, Elizabeth Hodder said:
“The Government’s proposals unnecessarily restrict the factors to be taken into account to distance and topography. The majority of the group want issues like the availability of public transport, walking distance to the nearest post office (not just as the crow flies measurements), the effect on the local economy and relevant socioeconomic factors such as age, health and deprivation to be assessed.

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Royal Mail shuts UK pension plan as deficit hits GBP 6.6bn

Posted by | Feb 8, 2007 | |

Royal Mail is heading for a run-in with unions today after unveiling controversial plans to shut its final salary pension scheme to new members.
The group, which operates the sixth-largest pension scheme in the UK with some 450,000 members, said the cost of servicing its retirement obligations had ballooned by GBP280 million to GBP730 million during its 2006-07 financial year. This had sent first-half interim profits tumbling to just GBP22 million, compared with GBP159 million the previous year, it said.
At the last count the deficit in Royal Mail’s fund was GBP6.6 billion, ranking it high on the list of the country’s most struggling schemes.
Royal Mail becomes the latest in a growing line of British businesses to exclude new staff from schemes that ensure a retirement payout based on a percentage of a member’s final salary – opting instead for riskier “money purchase” schemes.
Royal Mail said the high cost of funding the scheme as it stood was unsustainable, particularly when set against its efforts to make its business operate competitively.

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Royal Mail unveils UK financial re-organisation and investment plan

Posted by | Feb 8, 2007 | |

Royal Mail is today unveiling an ambitious investment plan to strengthen the group’s finances, improve competitiveness and reward its workforce.

The five-year programme, agreed by the Government, will re-position Royal Mail to compete more effectively with commercial rivals and address major funding challenges for the company.

Highlights of the programme include:

• Government agreement for a GBP1.2bn debt facility, on commercial terms, to modernise Royal Mail operations
• Restructuring of the Post Office network, already approved by Government
• GBP1bn investment in an escrow account to give security to the pension fund trustees, including GBP850m from company reserves and a further payment of GBP150m by Royal Mail
• Royal Mail agreement in principle with the pension fund trustees to fund the pension deficit, currently standing at GBP6.6bn, over 17 years
• Consultation on how best to safeguard an affordable final salary pension scheme for existing employees
• Consultation on replacing the final salary scheme for newly recruited employees with a defined contributions scheme
• Inaugural “phantom” share scheme to reward Royal Mail’s 190,000 employees, worth up to GBP5,300 per employee over five years – equivalent to a GBP1bn dividend distribution.

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UPS board boosts dividend

Posted by | Feb 8, 2007 | |

The Board of Directors of UPS citing its confidence in the company’s financial position and prospects for growth, today increased the quarterly dividend to USD0.42 per share from USD0.38 per share on all outstanding Class A and Class B shares.

The dividend is payable March 6, 2007, to shareholders of record on Feb. 20, 2007.

UPS now has increased its dividend five times in the past four years, doubling the quarterly payout from the USD0.21 per share declared in February 2003. UPS has either increased or maintained its dividend every year for more than three decades.

The Board also voted to increase to USD2 billion its authorization for the repurchase of Class A and Class B shares.

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