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Annual Results

UK Mail's FY pretax profit slips lower

24 May 2016 07:46

UK Mail said its FY pretax profit has slipped to GBP11.9m, from GBP15.9m, with a dip in revenue to GBP481.0m, from GBP485.1m. Its final dividend was 10.9 a share, from 14.5p, taking the total to 16.4p, from 21.8p.

The results included impairments of both tangible and intangible assets totalling GBP4.8m, from nil, and a GBP1.4m management reorganisation charge of GBP1.4m, from nil.

National hub relocation costs weighed in at GBP7.1m, from GBP2.5m.

HS2 compensation was GBP16.5m, from GBP2.0m.

Chairman Peter Kane commented:

"Last year was a challenging one but we have made good progress in implementing a detailed plan to address the issues we faced in transitioning to our new automated hub.

"The hub is now operating very well and achieving good throughput levels, having recently processed its 30 millionth parcel, with consistently high service levels in both Parcels and Mail in recent months.

"The strategic rationale for the investments we have made remains compelling, and sets us up well for the next stage of profitable growth.

"The benefits are expected to start showing through in the second half of the current year, as a result of which we continue to expect performance to be more second half weighted than usual."

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