TPG Delivers Strong Overall Third Quarter Performance
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TPG has today announced its third quarter 2002 results. Full details are contained below.
TPG has today announced its third quarter 2002 results. Full details are contained in the attached document, which can also be found on our website: www.tpg.com or www.tpg.nl .
Key Highlights
- Satisfactory profit growth in difficult markets (operating income up 6.1%, net income up 2.1%)
- Continued strong cash performance (free cash flow up 190%)
- Solid Mail revenue growth and stable margin despite accelerating volume declines
- Strong Express revenue growth and margin improvement
- Continued revenue and margin pressures in Logistics but good new contract wins
CEO, Peter Bakker:
"TPG has delivered a strong overall performance in the third quarter, particularly in free cash generation, with profit growth satisfactory in the light of the ongoing difficult economic environment. For the full year 2002, we expect to grow net income from continuing operations at the low end of the 5 to 10% range, in line with the outlook statement that we have consistently given".Third Quarter Financial Highlights (in EUR millions with Q3 2001 numbers in brackets)
Revenues 2,805 (2,642) +6.2%Operating income 191 (180) +6.1%
Net income from continuing operations 99 (97) +2.1%
Free cash flow 122 (42) +190.5%
(see attached report as a pdf file).
Third Quarter report 2002 [191 Kb]
(press release)
Third Quarter 2002 Results [346 Kb]
(Analysts' PowerPoint presentation)
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