Redundancy deal puts TNT logistics firm into the red

The Irish arm of logistics company, TNT Express slumped into the red, last year, arising from the cost of a redundancy programme at the business.

Newly filed accounts for TNT Express (Ireland) show the firm recorded a pre-tax loss of €266,775 in 2015, down from a profit of €2.1m in the previous year.

The Irish division went into the red despite increasing revenues by nearly 3% to €40.1m on the back of new business wins.