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| Royal Mail reports profits rise | Royal Mail reports profits rise |
| (35 minutes later) | |
| Royal Mail has reported a rise in full-year profits, with cost cuts helping the company in a "challenging" market. | |
| It reported £740m in annual adjusted operating profit before transformation costs, up 6% from a year earlier. | It reported £740m in annual adjusted operating profit before transformation costs, up 6% from a year earlier. |
| Revenues in the year to 29 March were barely changed at £9.4bn. | Revenues in the year to 29 March were barely changed at £9.4bn. |
| UK parcel volumes grew by 3%, with stronger performance in the second half of the year. Royal Mail chief executive Moya Greene said: "Our trading environment remains challenging." | UK parcel volumes grew by 3%, with stronger performance in the second half of the year. Royal Mail chief executive Moya Greene said: "Our trading environment remains challenging." |
| One of Royal Mail's rivals, Whistl, formerly known as TNT UK, ceased its letters service earlier this month. | One of Royal Mail's rivals, Whistl, formerly known as TNT UK, ceased its letters service earlier this month. |
| Whistl was Royal Mail's main competitor in the market for last mile delivery, a term which refers to the final leg of a delivery route. | |
| Ian Senior, independent postal expert, told the BBC's Today programme: "Royal Mail must be smacking its lips with joy that Whistl has withdrawn from trying to do 'final mile' delivery." | |
| Mr Senior also said he thought Royal Mail's results were good: "They're at the upper end of what people were expecting." |