TNT reduced its pre-tax loss and saw its global revenue rise in its final full financial year ahead of its €4.4bn (£3.2bn) purchase by FedEx.

In the year-ending 31 December 2015 TNT saw its overall revenue increase to €6.9bn (£5.1bn), from €6.7bn in the previous year, while its loss for the period reduced to €56m from €190m.

TNT CEO Tex Gunning said that after years of decline, the business had returned to “sound and robust revenue growth” – as it looked to deliver on its strategy to return to profitable growth, dubbed Outlook.

For financial year 2014 TNT UK filed an annual report to Companies House that showed a 2.4% drop in turnover to £725m (2013: £742m) and pre-tax loss increase almost threefold to £18.6m (2013: £6.4m).

In April 2015 FedEx made an offer to acquire TNT, valuing the business at €4.4bn. The deal was subject to approval by the European Commission – given concerns over competitive constraints in the international express and regular small packaged delivery markets – but approval for the deal was granted in January.

Gunning said that “substantial progress had been made towards finalising the intended acquisition” and TNT continued to expect the transaction to close in the first half of 2016.

“We expect further year-on-year improvements in adjusted operating income in full year 2016,” Gunning added. “Pre-integration planning is well on track and we are all looking forward to a bright future with FedEx.”

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