A growing customer base and increased network capacity drove growth at Tuffnells in the year to 31 August 2016 results, underpinning a successful performance for owner Connect Group. The parcel firm, which specialises in irregular dimensions and weights, saw turnover increase 7.3% year-on-year, from £162.6m to £174.4m. Its operating profit for the same period grew 4.9% to £15m (2015: £14.3m), though the company’s profit margin would have been even higher if not for investment in infrastructure. This saw the company open new depots […]
The European Commission (EC) believes “substantial remedies are needed” before the proposed takeover of TNT Express by UPS can be cleared. In a merger review speech made on Friday (2 November), Joaquín Almunia, EC vice-president responsible for competition, said that “serious competition concerns would arise” if it went ahead without revisions. Last month the EC revealed that approval would only come if the resulting company would be challenged enough by other parcel firms. TNT Express and UPS have since received […]
FedEx and TNT are one step closer to their merger after a joint statement from the companies said they did not expect to receive a statement of objections from the European Commission, which might have slowed or even vetoed the deal.
Lloyd Dunn has been appointed CEO of DX Group, which has secured £24m from investors to get the business back on track.