Parcelforce loses £24m
25th June 1992, Page 9
25th June 1992
Page 9
Page 9, 25th June 1992
— Parcelforce loses £24m
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• Parcelforce has announced a £24m pre-tax loss in its second full year of trading, but claims to have made a £.3m profit in the second half of 1991/2. Last year the operation lost £75m (CM 11-17 July 1991).
During the year a "rigorous programme" to streamline the business, including the loss of 550 administrative jobs, saved Parcelforce £100m. Its regional structure was reorganised into six areas from 11, and "tough and competitive" deals were negotiated with other Post Office companies, Turnover fell by 4% from £530m in 1990/91 to £508m. Parcelforce blames this on "extreme and adverse trading conditions".
However, the company has secured £250m from the Department of Trade and Industry for investment.