Shares in TNT Express, which reported third-quarter profit roughly in line with forecasts, rose more than 3 per cent in trading.
Bernard Bot, chief financial officer, said Britain, Germany and Benelux markets had shown the strongest signs of recovery, while Italy and Spain still faced challenges.
“It’s a mixed picture with some positive signs but overall fragile,” Bot said.
TNT Express was forced to come up with a standalone strategy after the European Commission blocked UPS’s £4.4bn takeover offer in January because of competition concerns.
It has already announced cost cuts and divestments.
TNT Express has depots in Leeds, Bradford, Grimsby and Rotherham.
Quarterly revenues fell 6.6 per cent to 1.62bn euros.