Saturday 19 October 2019

Losses double to €2.2m at Irish arm of TNT Express

 

Targeted: The global logistics firm was hit by a cyber-attack last year
Targeted: The global logistics firm was hit by a cyber-attack last year

Gordon Deegan

Pre-tax losses at the Irish arm of logistics firm TNT Express more than doubled last year to €2.2m after its parent suffered a 'crippling' cyber-attack.

Accounts filed by Dublin based TNT Express (Ireland) Ltd show that the company's losses increased by 131pc in the 12 months to the end of May last.

Revenues at the Irish arm declined by 31pc from €52.59m to €36m and the drop is explained by the prior period being for 17 months.

The year under review coincided with a cyber-attack on TNT Express globally that cost the business $400m (€353m) in 2018.

The cyber-attack, known as NotPetya, occurred on June 27, 2017, and involved the spread of an information systems virus through a Ukrainian tax software product.

The directors' report for the Irish arm said that "no data breach or data loss to third parties is known to have occurred".

Last year, the firm's costs increased by €224,600, paid for "compensation for loss of office' in directors' costs".

Director Ronald Judge resigned on January 2, 2018, and directors Brian Gallagher resigned on June 15, 2018. Numbers employed overall fell from 154 to 135.

Irish Independent

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