Mixed bag for UK Mail
IN a mixed set of results, logistics group UK Mail has seen an 8.4% hike in revenues but a dip in profits.
The group, which has a large distribution depot in Birmingham, saw revenues increase to £429.0m in the year to end of March (2011: £395.8m) but profi before tax fell to £15.1m (2011: £16.1m) reflecting, it says, a reduction in margins and the impact of one less working day.
Chief executive officer Guy Buswell said: “These results show UK Mail’s resilience during a year of tough trading conditions, in markets that are undergoing fundamental change.
“We have made progress in developing our business investing in our highly efficient network, and driving down cost. We have achieved very high service levels even during peak times when we have handled record volumes, and the new products we have brought to market – such as ipostparcels.com and imail – are going well.
“We fully expect the economic backdrop to remain tough in 2012 and the pricing environment to stay highly competitive. We are planning accordingly, with tight control of our costs continuing to be a key focus.”
