In a trading statement UPS announced that they had a turnover of $17.5 billion in the second financial quarter. Net income in the period was $1.5bn, a $0.1bn increase on the same period last year.

“UPS is making great progress on our transformation initiatives to enhance profitable growth and improve operating leverage,” said chairman and chief executive David Abney.

“We are confident that our strategies will position the company to provide improved value for customers and shareowners.”

Supply chain and freight saw a revenue increase of 16% to £3.5bn. Operating profit grew from $212 million to $216 million after transformation charges of $31m.

International express revenue was up 14 per cent to $3.6bn, while operating profit rose from $570m to $618m.