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P PARCELS
Page 9
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Cost-cutting helps raise Business Post turnover
WITH THE HELP of a £1.2m cost-cutting programme, turnover at Business Post Group has risen 7.6%, while pre-tax profit increased 23%.
For the year ending 31 March 2009, turnover rose to £386m from £359m in 2008, while for the same period pre-tax profit increased from £14.2m to £175m.
In its specialist services arm that comprises UK Pallets and UK Mail, the firm experienced turnover growth of 17.8% to £48.9m.
Parcel growth slowed in the second half of the year, contributing to a 4% turnover drop in the group's parcel business to £172.3m from £179.8m. However, pre-tax profit increased 6.5% to £16.4m.
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.
"We have identified further cost reduction initiatives, as well as a number of potential growth opportunities, to offset the impact of the recessionary conditions," says group chairman Peter Kane.
The firm is poised to change its name on 1 October to UK Mail Group.