TNT, which is soon to be merged with FedEx, has reported revenues of €1.59bn and an operating loss of €1 million in the first quarter (Q1) of 2016. According to the company, both revenue and income were “negatively influenced by fewer working days”.

The revenues are down from €1.622bn in Q1 of 2015 but TNT said in a statement that “underlying revenue growth, adjusted for currency effects, lower fuel surcharges and working-day effect, was 4.2%”.

The loss in question was €10 million better than in 2015. The result included one off charges of €10 million of which €4 million was related to the offer made by FedEx. Excluding one off charges, the adjusted operating income was €9 million, up €8 million against Q1 of 2015.

The company’s net cash position is €145 million compared to €330 million in 2015.

Speaking about the results, Tex Gunning, TNT’s Chief Executive Officer, said: “In the first quarter, TNT again delivered solid underlying revenue growth. Adjusted operating income improved despite fewer working days and continued investments in the Outlook strategy. The Outlook strategy is on track and delivers good growth from SME customers. Our customer satisfaction scores hit new records in Q1.

“Investments in operational excellence have started to pay off and were €51m during the quarter. We made good progress with the roll-out of the Global Business Services and Simplify & Transform initiatives.

“Meanwhile, we spent significant time and effort towards the completion and preparation of the intended acquisition by FedEx, which we expect to complete in the first half of 2016.”

TNT and FedEx are going through international regulatory approval to merge, and this is expected to be completed at the end of the summer.