Highlights
• The principal highlight of the year under review was a £28m improvement in Group profitability, compared to 2015, which saw the closure of our Final Mile delivery activities • We saw great progress in all three areas of growth within the business. Parcels experienced an 8.6% increase in volume; Doordrop Media grew by 19.7% and international volume grew by 30.2%. • The satisfying improvement in underlying operating profit was driven by a solid performance in Mail, the three growth areas, together with efficient, high quality operational delivery and keenly focused cost management • We are in a strong financial position with net assets rising from £6.4m to £13.7m, including cash reserves increasing to £22.9m from £14.4m in 2015. There was an increase of £13.2m in net cash generated from operating activities, compared to last year • We have a substantial, fully committed, four-year bank facility of £65m that remains unutilised over the two previous financial years • We increased capital expenditure by 43.5% over last year, showing continued investment in business efficiency including in IT, operational infrastructure and back office systems to support growth in Parcels, International services and Doordrop Media.
Strategic Report | Whistl Annual Report 2016
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