Press Release

First half results prove resilience of TPG business model

Publish Date : 4 August 2003 at 09:07 CET -

Steady progress in the second quarter has enabled TPG to deliver a resilient overall performance in the first half of 2003.

Strong performances in Mail and Express; continued weakness in Logistics

Financial highlights

  • Good operational revenue growth
  • Strong performances in Mail and Express offset by continued weakness in Logistics
  • Logistics transformation plan fully launched:
  • David Kulik to lead division and join Board of Management
  • Around €55 million annualised savings targetted
  • Associated one-off costs of around €65 million
  • Preliminary estimate of up to €195 million for goodwill impairment and asset write-downs
  • Interim dividend significantly increased

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Page publication date: 4 August 2003 at 09:07 CET