Business Post grows profit and turnover

Post by **TrueBlueTerrier** » 17 Sep 2009, 08:38

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Despite a slowdown in the parcels sector, Business Post Group experienced a 23% increase in pre-tax profit and turnover growth of 7.6% for the 12 months to 31 March 2009.

Turnover rose from £359m to £386m, while pre-tax profit increased from £14.2m to £17.5m.

Parcel revenues at the firm were down to £172.3m from £179.8m in 2008 after a poor second half. Despite this, operating profit increased 6.5% to £16.4m.

In its specialist services arm, comprising UK Pallets and UK Mail, the firm experienced turnover growth of 17.8% to £48.9m from £41.5m.

Chief executive Guy Buswell says that during the period cost savings of £1.2m were achieved by three depot closures, a 5% reduction in the fleet and 150 redundancies, most of which were office-based.

The firm is poised to change its name on 1 October to UK Mail Group