Behind the numbers – how GXO's strategy stacks up
Neil Shelton on M&A, returns and outsourcing
First-quarter results this morning from FedEx takeover target TNT aren’t particularly joyful – it reported a fourth consecutive quarterly loss, €11m, which it said had been exacerbated by the reduction in fuel surcharges. It offered a gloomy outlook, despite promises of improvements to its bottom line through its ongoing restructuring programme. The fact is that economic prospects for its core market of western Europe continue to appear bleak.