Europe recovery for TNT Express

City A.M. Reporter
DUTCH delivery group TNT Express said yesterday it sees signs of improvement in its main European markets, although overall the recovery was fragile.

Chief financial officer Bernard Bot said Britain, Germany and Benelux had shown the strongest signs of recovery, while Italy and Spain still faced challenges.

“It’s a mixed picture with some positive signs but overall fragile," Bot said.

Quarterly adjusted operating profit fell 15.6 per cent to €54m (£46m), on revenue of €1.62bn that was down 6.6 per cent, reflecting a string of divestments made after a tie-up with UPS fell through in January.