21/05/2013

Profits More Than Double At Royal Mail

An increase in parcel deliveries is being credited with helping more than double annual profits at Royal Mail.

New figures show that in the 52 weeks to March operating profit jumped to £403m, up from £152m the previous year.

Its UK parcels and letter unit saw profits increase to £294m, up from £33m the year previous.

In terms of revenue Royal Mail remains the largest overall parcel delivery service, with Royal Mail chief executive Moya Greene saying the transformation of the firm “is well underway”.

The news comes ahead of the company’s expected privatisation next year.

(MH/CD)

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