2.1pc growth for TNT Express

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TNT Express saw operating profit rise 44 per cent to 46m euros in the third quarter while sales were up 2.1 per cent at 1.8bn euros.

Bernard Bot, interim CEO said: “TNT Express showed a mixed performance this quarter, with lower results in Europe but improvements in Asia Pacific. In a challenging economic environment, we benefited from our diversified product portfolio and superior customer service.

“Customer growth was also good, with notable additional business won in the Automotive, Industrial and High-Tech sectors. Finally, we continue to contain costs and shed loss-making activities to support our operating results. Our cash performance was also strong.”

The firm is preparing its response to the European Commission’s Statement of Objections regarding the proposed acquisition by UPS.

The second offer period ends 9 November 2012, but UPS plans to extend the offer period if exemption is granted by AFM. If this is not granted, UPS will launch new public offer on the same terms and conditions

The UPS transaction expected to complete in early 2013.

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