Connect Group interim results

Media, education and parcel freight logistics company Connect Group has reported adjusted annual revenues of £911.8 million. Its profit before tax was £232.3 million for the six months to the 28th of February. Revenues were down 0.6% while profits fell by 4.8% as against the same period in 2016.

In a statement, Connect Group said that the highlights of the financial period included the performance at its Pass my Parcel business, which has seen new returns services with Amazon and French Connection; and a contract with UK Mail for returns and ‘failed household deliveries’, that is expected to go live in the second half.

Where other parts of the business seemed to struggle, revenues for the Parcel Freight division was up top £86.6 million from £82.4 million in 2016. However, Adjusted Operating Profit was down to £4.3m from £5.0m.

Mark Cashmore, Connect Group Chief Executive, commented: “In line with our plans to focus the Group’s investment on the two larger divisions, the proposed sale of   Education & Care is an important milestone in our strategy. The resilience of News & Media and revenue growth in Tuffnells has underpinned our overall performance, allowing for continued investments to drive growth opportunities.”
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