Pre-tax profit at parcels giant FedEx UK plummeted by more than a quarter last year, the parcels company has revealed. Reporting its latest annual results to 31 March 2019 the company, which operates a fleet of over 800 trucks and 700 trailers from a string of depots across the UK, revealed a 27% fall in pre-tax profit to £13.7m, down from £18.7m in the previous year. Turnover in the period fell by 12.27% to £218.5m (2018: £249m). In its strategic […]
UPS has pulled out of its €5.16bn offer for TNT Express – in a deal that would have created a business with a combined annual turnover of £1.3bn in the UK – blaming European Commission (EC) concerns with the acquisition. The proposed merger is expected to be prohibited by the EC, the parcel giants warned in joint statements this morning (14 January). TNT said UPS sees “no realistic prospect” that it will receive EC clearance and will formally terminate the […]
TNT Express chief financial officer Bernard Bot is to step down from his position this year.