Amsterdam, The Netherlands
TNT is today providing a trading update ahead of its Q3 results on 27th October.
Since the interim results of July 28, 2014, overall trading conditions in Europe have deteriorated further and competitive pressures have increased. This means that it is no longer prudent to maintain our 2015 guidance – which assumed an economic growth rate in Europe of between 2 and 3% – of an adjusted operating margin of 8% for the combined Europe Main and Other Europe and Americas segments.
Commenting on the Trading Update, TNT’s CEO Tex Gunning said: “Whilst it is clearly disappointing to see that wider trading conditions within Europe have remained challenging, we are confident that TNT is on the right track to create a sustainable business with good value creation opportunities for its shareholders. The implementation of the Outlook program, which includes ongoing Deliver! savings, has started and is solid, but it will realistically take 3-5 years for the full benefits to come through. We are accelerating our investment programmes and cost reduction initiatives. We have the right competencies and experiences in our top team, we have the right network and we have the commitment of 65,000 TNT’ers to make this a success.”
Read more: tnt.com