Written question asked by Tim Yeo (Conservative) on Tuesday, 24 September 2002, in the House of Commons. It was due for an answer on Tuesday, 15 October 2002. It was answered by Stephen Timms (Labour) on Tuesday, 15 October 2002 on behalf of the Department of Trade and Industry.

Dept of Trade and Industry

Question: To ask the Secretary of State for Trade and Industry, if she will make a statement on the financial results of Consignia in each of the last five years. - Inc table and figures.

Answer: Mr. Yeo: To ask the Secretary of State for Trade and Industry if she will make a statement on the financial results of Consignia in each of the last five years. [74384] Stephen Timms: The post tax profit/(loss), including exceptional items, for each of the last five years is as follows: _________________________________________________________________________________________________. Year Outturn £ million 2001-2002 (940) 2000-2001 49 1999-2000 (264) 1998-1999 496 1997-1998 447 _________________________________________________________________________________________________. The recent poor performance of the company, is the result of deep-seated problems that have not been addressed over a number of years. Government has now put in place steps for this to be remedied. These include the appointment of new board members and making available the £1.8 billion of accumulated reserves, which will back much needed investment in the mails business and Post Office Limited.

Secondary information