Friday 19 January 2018

Royal Mail first half profits almost double

Newly privatised Royal Mail said rising parcel revenue and ongoing cost cuts helped
Newly privatised Royal Mail said rising parcel revenue and ongoing cost cuts helped

Britain's newly privatised Royal Mail said rising parcel revenue and ongoing cost cuts helped the postal operator almost double its operating profit in the first half of the year.

Reporting for the first time as a London listed company following the government's high-profile sale of a 60pc stake in the postal operator, Royal Mail said on Wednesday operating profit after transformation costs had jumped to 283 million pounds.

That figure for the six months to Sept. 29 was 96.5pc ahead of the £144m posted in the same period a year ago, helped also by a one-off VAT credit of £35m and lower than expected transformation costs in the half.

The group said it intended to propose a final dividend of £133m for the full-year.

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