Royal Mail profits double ahead of privatisation

(Source: Reuters)

Royal Mail has announced adjusted operating profits of £403m in the year to 31 March, an increase on profits of £152m (release).

Analysts expected the state-owned delivery business to report an operating profit of between £300m and £400m , with sales boosted by increased consumer spending on online shopping.

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Chief executive Moya Greene:

We are well positioned to continue to benefit from the structural change to e-retailing.

In the early weeks of 2013-14, we have seen similar trends to those seen in 2012-13.