Post and parcels delivery group TNT on Friday issued a profit warning for its express division, which is due to be spun off in May.

Unexpected volatility in trading conditions has pressured express earnings in the first three months of the year, the company said in a statement.
In total, operating profit was down €25m on a year ago, the company said. The group now expects full year operational profit of €350m for the express arm, down from between €400m and €420m forecast earlier.
TNT shares were down 10% in afternoon trading. The launch date for the express IPO is May 26.