Solid progress at Business Post

Revenues in the parcel division fell by 4 per cent last year, but Business Post still managed to increase both operating profits (by 6.5 per cent to £16.4m) and operating margins - up from 8.6 per cent to 9.5 per cent - by cutting costs. And there is more to come, according to chief executive Guy Buswell, with the installation of more automation this year, costing around £2m, expected to pay for itself within a couple of years.

Progress on the mail delivery side was even more impressive. Business Post's market share by volume of mail collected in the UK rose from 11 per cent a year ago to 17 per cent and operating profits in this business rose by 16 per cent to £11.6m. Around 70 per cent of mail delivery is regular statements or statutory notifications, so this side of the business should be less exposed to the recession.

Investec Securities expects full-year adjusted pre-tax profits of £17m and EPS of 21.8p (£17.5m and 22.3p, respectively, in 2009).

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