TPG to restructure
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TNT's parent company TPG is to announce plans for restructuring its logistics division next quarter after seeing the division's pre-tax profits almost halve in the first quarter to 31 March, The group says that pre-tax profits in logistics foil to 20m (1.13.8m) from 39m (126.9m) in the same period last year, due to low customer volumes.
However, it won a number of new contracts in the period, Including Pirelli and Telecom Italia, and the new business continues to be healthy.
Overall, the group reported revenue growth of 01% to -2.9bn (£2bn). Pre-tax profits fell 0.4% to 254m (1175m) compared with a year earlier.
CEO Peter Bakker says; "Mail and express continue to perform strongly. There are a number of key issues to tackle In logistics and therefore we have launched an urgent transformation programme."