TNT now expects to sell its logistics business in the autumn. The group, which put the business up for sale before Christmas, is talking to a number of private equity groups about a sale.
The group produced a strong first half performance with sales up 7.3 per cent and operating income up 12.4 per cent with both the mail and express businesses performing strongly.
The logistics business (now described as discontinued operations) saw sales down slightly to 1.76 billion euros while operating income was down four per cent to 47m euros. TNT said the income fall was due to costs related to the sale – the underlying operating margin rose.
The group is currently carrying out a review of the freight management business to see if it has the necessary synergies with its express operations. The results of this are due in the third quarter.