TNT UK reports drop in pre-tax profits

TNT UK has posted a drop in pre-tax profits in its latest accounts despite a slight growth in turnover.

Now part of FedEx Corporation, the logistics operator reported pre-tax profit was down 6.8% to around £32m in the period ending 31 May 2019 (2018: £34.4m)

Turnover was up 0.9% to £670.2m from £664m the previous year.

TNT received a welcome boost in July 2019 when it clinched a major three-year deal with the Home Office for the secure delivery of passports and related documents.

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The logistics operator took over the contract from incumbent DX Group in January, following a competitive tender, which saw DX Group knocked out of the running.

The deal came as the company looked to recover from a cyber attack in 2017. Along with the sale of its Business Solutions division last year, this reduced revenue by 8.4% according to its annual results to 31 May 2018.