Dutch delivery and logistics group TPG - which also operates TNT in the UK - has delivered the highest net profit in its history, helped by the restructuring of its logistics division and by higher margins in its TNT express business.
TPG's 2004 net profit more than doubled to almost £ 459 . 7 million from £206.7 million in 2003, when restructuring charges for the logistics division weighed on results.
Adjusted for these charges, there was still a profit increase of 12.7 per cent.
For the fourth quarter, TPG reported operating profit of £240.4 million, up from just over £190 million the previous year. Net profit rose more than 80 per cent to almost £131.6 million on revenue of £2.49 billion.
TNT logistics, which offers freight and supply-chain and delivery services, returned to a £34.4 million profit before interest, tax and amortisation in the fourth quarter after a £28.9 million restructuring charge pushed the unit into the red in 2003.
TNT, which has a turnover of approximately £750 million in the UK, has a high presence in the West Midlands. The region is home to the company's UK headquarters in Atherstone as well as the largest UK depot at Network Park in Saltley, Birmingham.
The firm also has sites in Kingsbury, Nuneaton, Cannock and Hartlebury in Worcestershire.
TPG forecast revenue in TNT to grow at a percentage rate in the high teens in 2005, and single-digit revenue growth for its express division.
The group predicted stable revenue for mail, but softer margins due to higherpension costs for its express business, which competes with Deutsche Post's DHL, UPS and Fedex.