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Interim Results

UK Mail's profit

18 November 2015 07:16

UK Mail has narrowed its H1 pretax profit after exceptionals to GBP2.2m, from GBP12.0m. Revenues totalled GBP237.6m, from GBP227.5m. It proposed an interim dividend of 5.5p a share, down from 7.3p.

CEO Guy Buswell said:

"The current period of major investment and transition will deliver significant long term benefits. However, as we advised in August, it has become clear that the near-term challenges associated with the transition have been more significant than first anticipated.

"Trading in the initial weeks of the second half, and overall trends within our individual businesses, have been in line with our revised expectations. Our expectations for the current year therefore remain in line with previous guidance.

"However, due to the timescales required to fully resolve the challenges, our expectations for the next financial year have softened slightly.

"Whilst this is disappointing, the strategic rationale for the transformation we are undertaking is as compelling as ever, and we are confident both of our ability to restore our parcels business to previous levels of profitability and to build from there.

"The medium term operational and financial benefits will place us amongst the most efficient and competitive operators in our market."

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