Revenues up by 5.5% at UK Mail

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UK Mail has revealed that company revenue jumped by 5.5% during Q1 2011, compared to the previous year.
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Adjusting for one less working day than in the previous year, as well as the increase in Royal Mail prices implemented on 6 May 2011, underlying Group revenues increased by some 4%.

Results for the period – which covered 1 April to 12 July – were announced by chairman Peter Kane at the company’s AGM.

Kane said: “We have made a satisfactory start to the financial year, with trading performance in line with management expectations”.

The chairman added that UK Mail’s parcel revenues showed “satisfactory growth”, as a result of new customer wins, “albeit in a pricing environment that remains challenging and with a continuation of the volume mix seen in the second half of last year”.

The Mail arm remains in a good position with a “strong pipeline of new business opportunities”.

UK Mail has seen good revenue growth in its Courier business, whilst the Pallets business has shown resilient performance in a challenging market.

“Economic conditions remain difficult but we continue to maintain our strong focus on driving efficiency and innovation to defend and increase our market share. The Group remains in a sound financial position,” concluded Kane.