Group revenues up 2.8% to £395.8m (2010: £385.2m)
Mail revenues up 4.8% to £181.8m (2010: £173.5m)
Parcels revenues up 1.2% to £166.7m (2010: £164.7m
As previously announced, second half affected by subdued levels of business to business volume growth combined with disruption from adverse December weather during our peak trading period
Group profit before tax down 9.9% to £16.1m (2010: £17.8m)
Strong balance sheet, with net cash at year end of £17.4m (2010: £15.7m)
Final dividend maintained at 11.8p per share (2010: 11.8p) giving a total dividend of 18.2p (2010: 18.2p)
Continued focus on innovation and cost reduction to build our share of a challenging market
New products and service offerings including imail, Packets and Retail Logistics making good progress
Guy Buswell, Chief Executive Officer of UK Mail, said: -
"After a satisfactory start to the year, the second half was undoubtedly more challenging for the markets in which we operate. Whilst we continued to grow revenues in our core businesses, our margins and therefore profits came under pressure.
"Our strategy remains to continue to expand our available markets and to increase our share of those markets by introducing new and innovative products and services, whilst enhancing the low-cost, integrated network that lies at the heart of our business.
"The difficult conditions impact all operators in our markets. Our focus on efficiency and innovation, combined with our strong balance sheet, put us in a strong position to continue to outperform our competitors and to defend and increase our market share."
For further information please contact:
UK Mail Group plc
Guy Buswell, Chief Executive Officer 0121 335 1111
Steven Glew, Group Finance Director 01753 706 070
John Olsen 020 3128 810
Ian Payne 020 3128 810
Giles Robinson 020 3128 810