Netherlands-based courier company TNT Express published its first quarter results this week. The company continues to roll out its DELIVER! programme - launched last month - but have reported a 4.5% loss in revenue compared to the first quarter of last year.
Following the company's failed merger with UPS in January 2013, UPS paid TNT Express a €200m withdrawl fee, which accounts for TNT's reported four fold increase in operating profit from €54m for the first quarter of last year to €231m this year. After adjustments however, profits for TNT were €38m - a 29.6% decrease on last year.
It wasn't all doom and gloom however, the company reported that the DELIVER! programme was proceeding as planned, that its first milestones has been reached, and that evidence of the positive impact of the plan is expected from the second half of the year.
Following the EC's veto of the UPS takeover, TNT were required to reassess their future strategy, resulting in divestment from China and Brazil in order to focus on their European market. The first quarter report reflect this: Brazil Domestic was accounted as a discounted operation and China domestic as an asset held for sale.