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 […]
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 […]
UPS and TNT Express do not now expect their multi-billion euro merger, announced in March, to be completed until early 2013. The operators had originally hoped to seal a deal in the first half of the year, but involvement from the European Commission as regulator scuppered this timetable. Last month the European Commission temporarily suspended the takeover to allow regulators more time to gather information, a process that is ongoing. Despite this UPS and TNT had still expected to complete […]
TNT Express said it does not expect to see the full benefit of its profit improvement strategy until 2018-19, as it admits it did not acheive the turnover and profitability it expected in 2014.