Tag: UK

DP World confirms GBP 1.5bn investment in London Gateway Project

Posted by | Nov 16, 2006 | |

Dubai World chairman Sultan Ahmed Bin Sulayem has confirmed that DP World plans to invest GBP 1.5 billion in the London Gateway Project.

The London Gateway project will include a world-class port capable of handling the largest deep-sea container ships, as well as the UK’s largest multi-modal business and logistics park.
The London Gateway developments will contribute significantly to the UK government’s wider Thames Gateway regeneration program.

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Business Post H1 pretax falls; trading in line, co sees 'much improved' H2

Posted by | Nov 15, 2006 | |

Business Post Group PLC said current trading is in line with its hopes and it expects a ‘much improved’ second half as its pretax profit fell to 1.7 mln stg in the first half from a restated 3.3 mln stg last year.

The company posted sales of 153 mln stg, up 15 pct from 133 mln stg last year with UK mail sales up by 157 pct from 15 mln stg in 2005 to 37 mln stg in the first half of 2006.

Business Post declared an interim dividend of 6.4 pence per share, the same as last year.

The company said good progress has been made in addressing the operational issues in the Parcel Services business and UK Mail has continued to grow strongly, reinforcing its position as the leading competitor to Royal Mail.

The company said it is creating a robust platform to achieve its strategic aim of developing itself as the UK’s leading independent integrated postal group.

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Business Post Group plc – Interim Results 2006/07

Posted by | Nov 14, 2006 | |

Highlights
Group revenue up 15% to £153m (2005: £133m)

UK Mail revenue up 157% to £37m (2005: £15m)

Operating profit (before exceptional items) £3.5m (2005: £6.6m)*

Profit before tax (before exceptional items) £3.2m (2005: £6.5m)*

Exceptional charges of £1.5m (2005: £3.2m)

Profit before tax £1.7m (2005: £3.3m)*

Interim dividend 6.4p per share (2005: 6.4p)

*as restated for prior year adjustments.
Guy Buswell, Chief Executive said:

“Good progress has been made in addressing the operational issues in the Parcel Services business which undermined our performance last year, and UK Mail has continued to grow strongly, reinforcing its position as the leading competitor to Royal Mail.

We have recently undertaken a review to establish the medium term strategic agenda for the Group, which is to develop Business Post into the UK’s leading independent integrated postal group. We are creating a robust platform from which this can be achieved.

Current trade remains in line with our expectations and the Board expects a much improved second half.”

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MPs back government's decision over VAT on postage stamps

Posted by | Nov 14, 2006 | |

The government has seen its controversial decision to refuse to impose VAT on postage stamps backed by MPs on the Commons European Scrutiny Committee today, despite mounting pressure from Brussels.

MPs decided to keep the issue under scrutiny, after noting that the European Commission had not withdrawn the proposal for a draft directive removing the exemption.

The European Commission has recommended allowing a reduced VAT rate of 5% for addressed letters and packets up to 10kg, the application of the tax to postal operators supplying final delivery services under contract to private operators, and creating a special tax accounting system for postal operators. It also said member states were required to make the changes at the end of this year [2006].

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Postcomm consults on a long term licence for The Mailing House Group Limited

Posted by | Nov 14, 2006 | |

Postcomm today began a 30-day consultation on the proposed issue of a new long-term licence to The Mailing House Group Limited.

Under the new licensing framework that took effect from 1 January 2006, the licence would:

allow The Mailing House Group to provide all types of postal service;
be issued for a rolling ten year period;
require the company to comply with codes of practice on mail integrity (safety and security of the mail) and common operational procedures
(designed to ensure the multi-operator market works well in practice).

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