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Tnt Blames Deepening Eurozone Woes For Profit Warning

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http://www.theguardian.com/business/2014/sep/24/tnt-blames-eurozone-profit-warning

TNT Express, the Dutch delivery service, has issued a profit warning, blaming worsening trading conditions in Europe for scrapping its previous guidance to investors.

The business-to-business delivery service has been squeezed by the continuing eurozone woes, particularly in Italy, one of its five biggest markets.

Its warning follows a survey of eurozone business activity that showed companies cutting prices as business activity grew at its slowest pace this year.

Business for TNT has been slower than expected and customers have opted for cheaper, slower delivery options. TNT also faces stiff competition in Germany and the UK which has partly offset stronger economic growth in those countries to date.

..

TNT said its forecast of an 8% operating margin in 2015 was based on Europe’s economy expanding between 2% and 3% annually. In July, the IMF maintained its forecast for eurozone growth of 1.1% for this year as it revised down its outlook for the global economy.

Well naturally if the economy grows there will be increased demand for parcels etc.....

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