Increased volumes at Tuffnells Parcels Express and Pass My Parcel failed to offset falling newspaper and magazine sales in a recent trading update from Connect Group, which saw its turnover take a hit. Group turnover was down 3.5% in the 19 weeks ended 19 January 2018, reported in a gloomy update listing delayed contracts, declining sales and market uncertainty as reasons for a predicted drop in profitability this financial year. The group’s share price fell almost 30%, from 105p to […]
Tuffnells Parcels Express has been acquired by newspaper and magazine distributor Connect Group for £113.4m.
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.
Connect Group saw its revenue climb 0.2% in the 20 weeks to 21 January 2017 with it parcel freight division leading the way.