Good first half for UK Mail
BIRMINGHAM-based logistics group UK Mail has experienced a surge in both revenue and profits in the six months to September 30.
The firm saw group revenues rise by 11.9% to £225.7m (2011: £201.6m) and group profit before tax (before exceptional items) increase by 7.8% to £7.3m (2011: £6.8m).
Mail revenues were up 23.6% to £115.9m and parcel revenues were up by 4.4% to £87.2m.
UK Mail reports that it has a strong balance sheet with net cash at the period end of £15.7m (2011: £11.6m).
And it says new products and service offerings, including imail and ipostparcels, continue to make good progress.
Chief executive officer Guy Buswell said: “The group had an encouraging first half, demonstrating the results of our continued efforts to reduce costs and further improve our efficient network.
“The whole team has done a great job in enabling us to build on our leading market positions, maintain our high service levels and strengthen our brand.
“The second half to date has continued in this vein, with current trading in line with our expectations.
“With our highly competitive business model, tight focus on costs, and strong balance sheet providing strategic flexibility, we are well prepared for the competitive environment, and general economic backdrop, to remain tough into 2013.”