Business Post Group plc announces that Steven Glew is to join the Board and assume the role of Group Finance Director with effect from 5 June 2006. Steven Glew has an excellent record of delivering successful change programmes within quoted companies, most notably at Mothercare plc and Booker plc. Peter Fitzwilliam will relinquish his role as Group Finance Director and step down from the Board on 2 June 2006.
Read MoreBusiness Post Group plc announces unaudited results for the year ended 31 March 2006 in line with the Trading Update of 31 March 2006. Revenue increased by 19% to GBP 278.2m and profit before tax and exceptional items totalled GBP 11.7m with reported pre-tax profit at GBP 5.0m. Underlying trading was in line with expectations. The Board remains confident of the Group’s long term potential and the prospects for recovery. Accordingly, the Board proposes a final dividend of 10.8p. Parcel services (Express; International; HomeServe) increased revenue by 5% to GBP 195.8m, but pre-exceptional operating profits declined by 43% to GBP 17.4m; operating profit was GBP 11.1m. UK Mail made further excellent progress, increasing revenue four-fold to GBP 40.4m representing 15% of Group total; operating profit was GBP3.2m. Specialist Services (UK Pallets; Courier) made good progress, increasing revenue by 18% to GBP 41.6m. Operating profit was GBP 2.1m.
Read MoreBusiness Post Group, one of the UK’s biggest express delivery companies, last night committed to reviewing its “suppliers” in Scotland after an investigation by The Herald revealed that its main Scottish distributor is the product of a “classic phoenix” situation. Weaver Pallet Express, based in Stepps, near Glasgow, was last week forced into liquidation owing creditors more than GBP1m. It was a supplier to Business Post’s UK Pallets division. However, The Herald discovered that Weaver, run by Bruce Jenkins, re-emerged under a different name, United Pallets Scotland, and is operating from a different address at Queenslie Industrial Estate.
Read MoreBusiness Post Group PLC has begun using rail to move parcels from the English Midlands to Scotland. Rail freight carrier English, Welsh & Scottish Railway said in a statement that Business Post had begun an eight-week trial of its services to send parcels from Walsall in the West Midlands to Aberdeen every night. EWS said the parcel carrier is cutting costs by using trains as buying rail capacity on its services is cheaper than using lorries and avoids road congestion. The rail freight firm said it already has a contract with Business Post’s rival DHL.
Read MoreBritish express parcels carrier Business Post has won a major boost with the extension of a vital FedEx contract as it makes progress on its ongoing restructuring. Shares in the company rose strongly on the news, closing up 9.9% at 383 pence on March 31. Business Post announced that FedEx Express had renewed its contract as Global Service Participant in the United Kingdom. Business Post’s existing five-year contract will be replaced with a new five-year contract, with effect from 3 September 2006, on similar commercial terms. Chief executive Guy Buswell commented: “We are delighted that we will continue to act as a key partner for FedEx Express in the UK. FedEx Express has confirmed that our high service levels and new advanced IT solution were central factors in the decision and this renewal is therefore a significant achievement on the part of our new operational management team. Sustaining high levels of service for all customers represents the foundation stone for our overall business performance.”
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