Post and parcel delivery group TNT booked net profit of €986m in 2007, compared with €670m in 2006. Sales were up almost 10% at €11bn, the company said on Monday.

In the final quarter of 2007, earnings were down nearly 22%, due to a €110m provision related to cost cuts. But sales were up 8.6% at €3bn in the same quarter, due largely to growth at TNT’s express delivery division.
TNT is planning to reduce costs by €370m by 2015 and says it is still in talks with unions on a new pay deal.