TNT UK’s pre-tax loss ballooned to £22.1m last year ahead of its acquisition by FedEx Corporation in May 2016.

New accounts published at Companies House show the business’s year-on-year loss increased 32.3% compared with a loss of £16.7m a year earlier.

Turnover in the year ended 31 December 2015 fell 1% to £718m (2014: £725m).

The carrier’s operating margin was minus 2.9% compared with minus 2.3% a year earlier.

In its accounts, TNT UK said it had seen a decline in revenue from international consignments, due to poor trading conditions in the Eurozone where many of its customers send their exports.

TNT said domestic market conditions were difficult too, although growth was achieved and it had a plan in place to deal with “challenging conditions in 2016”.

The carrier also saw a fall in fuel surcharges during 2015 due to the lower price of crude oil.

Cost-saving at the operation in the period saw TNT UK incur restructuring costs of £5.9m (2014: £4.8m), as well as a slew of senior management changes.

TNT UK MD Marianne Culver, pictured, resigned from her role as a director of the company on 10 June this year.

Marianne Culver MD TNT UK Domestic

Rob Peto, director of finance at TNT UK and previously finance director at City Link, is understood to have taken over leadership duties at the company, which is currently being integrated with FedEx.

TNT UK’s director of HR for the UK and Ireland, Sue Barnes, resigned as a director of the company on 31 July 2016 as did Stuart Stobie, MD at TNT international UK and Ireland.

Stobie is now group sales and marketing director at Priority Freight in Atherstone, Warwickshire.