Delivery business in 'good shape'
Royal Mail profits slump over costs
Revenue in the UK business fell 1% to £7.6 billion as letter volumes and revenue fell by 3% and 2% respectively. Parcel volume grew 3% although revenue was just 1% higher.
The company said the fall in profit was a result of one-off items, such as pension charges, that distorted its balance sheet.
However, group revenue rose 1% to £9.2 billion as chief executive Moya Greene hailed a “resilient performance”
The company has embarked on a big cost-cutting drive and has reduced its headcount by 3,500 over the year.
Ms Greene said: “We are introducing new and improved products and services and responding quickly to changing customer needs.
“These measures, alongside our emphasis on customer focus and delivering a value for money service, have helped us to maintain our pre-eminent position in UK letters and parcels and driven growth.”
Photo: by Terry Murden (copyright)