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Royal Mail profits rise amid cost-cutting Royal Mail delivers profits rise amid cost-cutting
(34 minutes later)
Royal Mail reported a rise in underlying annual profits as a squeeze on costs helped offset a lower than expected performance from its parcel business. Royal Mail has reported a rise in underlying annual profits as a squeeze on costs helped offset a lower than expected performance from its parcel business.
Adjusted operating profit before transformation costs was up 6% to £740m for the year to the end of March. Including pension accounting charges, the figure was 9% lower at £611m.Adjusted operating profit before transformation costs was up 6% to £740m for the year to the end of March. Including pension accounting charges, the figure was 9% lower at £611m.
Chief executive Moya Greeene said operating profits were in line with expectations. The chief executive said operating profits were in line with expectations. “Our continued focus on efficiency resulted in a better than expected UK cost performance, offsetting lower than anticipated UK parcel revenue. At the same time we have delivered a large number of innovations at pace as we transform our business, Moya Greene said.
She added: “Our continued focus on efficiency resulted in a better than expected UK cost performance, offsetting lower than anticipated UK parcel revenue.
“At the same time we have delivered a large number of innovations at pace as we transform our business.
“Our trading environment remains challenging, but we are now poised to step up the pace of change to drive efficiency, growth and innovation, while maintaining a tight focus on costs.”“Our trading environment remains challenging, but we are now poised to step up the pace of change to drive efficiency, growth and innovation, while maintaining a tight focus on costs.”
She said trading in the current financial year was in line with expectations but overall performance would be dependent on the crucial Christmas period. She said trading in the current financial year was in line with expectations but overall performance would be dependent on the Christmas period.
The full-year dividend for shareholders is to rise by 5% to 21p.The full-year dividend for shareholders is to rise by 5% to 21p.