TNT Logistics UK says that its trading results were "below expectations". Pre-tax profit for the recently-sold logistics arm of TNT crashed to £2.38m in the year to December 31, 2005. This is a 70% drop from the £7.90m pre-tax profit for 2004. Turnover fell, to £450m in 2005 from £501m in 2004 while operating profit dropped to £6.47m in 2005 from £12.4m in 2004. Net assets nudged down to £67.1m in 2005 from £67.9m in 2004.
Staff costs at the company fell by 13% to £172m in 2005 from £198m
in 2004 but directors' emoluments remained almost static - at £793,000 in 2005 - from the £791,000 reported in 2004. TNT Logistics is anticipating completion at the end of the year of its sale to Apollo Management agreed two months ago.
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