Tag: UK

UK Mail posts small profit

Posted by | May 17, 2005 | |

Royal Mail is losing 250m letters a year to its new upstart competitor UK Mail.
Business Post, the courier company that launched UK Mail 12 months ago to deliver post and packages for utilities and banks to their customers, said today that the fledgling business is ahead of targets and is already turning a small profit. Business Post founder and chairman Peter Kane said UK Mail had turned over GBP10m in its first trading year to 31 March, and had grasped 1% of the corporate postal market. ‘We are encouraged by the prospects for UK Mail which remains on track for 3% market share by the end of its third year,’ said Kane.

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Business Post announces preliminary results for the year ended 31 March 2005

Posted by | May 17, 2005 | |

Business Post announces that, in the year ended 31 March 2005, it continued to enjoy considerable success. Financial highlights include turnover increased by 21% to GBP233.3m, representing like-for-like growth of 12%, operating profit increased by 9% to GBP20.8m, and pre-tax profit by 7% to GBP20.5m. Commercial highlights include express increased its turnover by 7%, representing an increased market share of around 8% and all of the other existing businesses – International, HomeServe, Courier and UK Pallets – increased turnover by at least 15%. UK Mail, which commenced trading on 10 May 2004, had an outstanding and profitable first year. The annualised year-end volume of approximately 250m items represented a market share of approaching 1%, ahead of expectations.

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Royal mail chairman defends Crozier’s GBP3m windfall

Posted by | May 16, 2005 | |

Allan Leighton, the chairman of Royal Mail, launched a stout defence of the bonuses being paid to top managers at the postal service yesterday as it emerged that Adam Crozier, the former Football Association head who took over as Royal Mail’s chief executive, has been awarded a windfall of almost pounds 3m.

The payment is believed to be the largest made to someone running a state-owned entity.

Details of Mr Crozier’s pay are due to be published this week alongside Royal Mail’s end of year figures, which are expected to show a huge jump in profitability, with operating profits up from pounds 220m to more than pounds 500m during the past 12 months.

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Push to partly privatise the UK postal service

Posted by | May 16, 2005 | |

Allan Leighton, Royal Mail chairman, will push for a meeting with ministers this week to discuss a John Lewis-style partial privatisation of the state-owned postal operator in which staff would gain a stake.

The plan is for Royal Mail to borrow an extra GBP 2 billion against its balance sheet. Part of the cash would be used to buy a slice of the government’s 100 per cent shareholding held on behalf of staff in an employee share ownership trust. A further section of the capital would be allocated to address the GBP 2.5 billion pension deficit.

Royal Mail is set to report record results tomorrow with annual operating profits in excess of GBP 500 million, compared with GBP 220 million 12 months ago, and a significantly improved delivery performance.

This is well ahead of previous estimates and will enable Royal Mail to pay each of its 195,000 postal staff and other employees a bonus of more than GBP 1,000.

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DX Services breaks UK Royal Mail’s pillar box monopoly

Posted by | May 16, 2005 | |

Royal Mail’s 150-year monopoly on pillar box deliveries is to be broken by a new rival in the partially deregulated postal market.

DX Services, the only other UK postal business to run an end-to-end delivery network, has installed blue pillar boxes to take business-to-business letters and packages in 96 outlets of retailer Mail Boxes Etc.

Items posted in the boxes will be delivered to company addresses overnight, with the option of bar-code tracking and a customer signature on delivery.

However, customers will only be able to post items during office hours since the DX pillar boxes will remain inside the Mail Boxes Etc outlets.

Peter Brougham, DX chief executive, said his company’s new service would offer small to medium-sized companies “a real alternative” to the existing postal service.

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