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TNT revenue up as restructuring continues

TNT Erskine 2AMSTERDAM: TNT has reported revenue of €3.8 billion for the first six months of 2015 – up 3.8 percent year-on-year. Operating income fell 55.6 percent to €8 million largely due to restructuring costs and the company posted a net loss of €20 million for the period.

Adjusted operating income in the first half was €42 million, down 62.8 percent from 2014 H1. The company cited transition costs related to its "Outlook" business plan, lower volumes from international accounts as well as pricing pressures.

Commenting on the results, TNT CEO Tex Gunning said the company was achieving good growth in its SME segment "after years of decline" thanks to improvements in service levels.

Noting the proposed acquisition of TNT by FedEx remains "a very positive development for all our stakeholders", he cautioned 2015 would be a "transition year in terms of bottom-line performance", with TNT posting restructuring charges of €25-€30 million in the third quarter.

"As for the macro economic backdrop, we have experienced some positive developments in Western Europe, but we remain cautious given the economic volatility in China, Brazil, Australia and Greece," he added.

Second-quarter revenue was €1.75 billion, up 6.2 percent year-on-year, and the operating income was €19 million, an increase from €3 million in the same period last year.

During the period the company said it continued to invest in sorting machinery, vehicles and IT. In addition to Liege, TNT is completing new facilities in Madrid, Eindhoven, Swindon (UK), Brisbane and Melbourne, all of which will enter operations during the second half of this year.

On July 01 the company outsourced its business processing to Accenture under a five-year contract. On July 30 it announced the start of a five times a week service between Liege via Marseilles to Tunis using a B737-400 aircraft. Tunisia is the latest in a series of new destinations that have included Malta, Tel Aviv, Venice and Hannover.

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