Postal operator Royal Mail delivered a strong performance.
Chief executive Moya Greene announced that on a like-for-like basis, group
revenue was up 5 percent to £9.28 billion. Operating profit “after
transformation costs” more than doubled from £152 million to £403 million,
generating £334 million of free cash flow. The major contributor to the rise in
turnover was a strong parcel business, which grew revenue by 13 percent on a
like-for-like basis. Revenue from the letters business was also up, by 3
percent. Responding, business minister Michael Fallon said the performance was
“another encouraging step” towards putting Royal Mail on “sustainable footing”.
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