Royal Mail’s revenues grew 2% to £4,829m in H1 of FY18. Operating profit before transformation costs fell 56.8% to £89m. Transformation costs related to restructuring of the company’s pension scheme, which continues to cause problems for the UK provider. On an adjusted basis, operating profit growth was flat. Overall profit before tax fell 30% to £77m.
Focussing on stronger B2B growth, GLS produced comparable revenue growth of 9%. Including acquisitions, revenue growth was 19%. Its adjusted operating profit was up 23%.
UKPIL revenue growth was flat, but adjusted operating profits grew 7%. Parcel volumes were up 6% and volumes from major accounts excluding Amazon were up 4%. Parcelforce volumes grew 1% in the period.
Source: Royal Mail
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