Nov 15, 2018

Opening Quote: Royal Mail — vote of little confidence

Even though parcel volumes were up 6 per cent, UK letter and parcel revenues were down 1 per cent to £3.6bn and underlying earnings in the division fell to £165m from £233m a year earlier. Royal Mail's General Logistics Systems arm also saw underlying earnings fall, down to £77m from £90m a year ago as higher cost pressures offset a 9 per cent jump in revenues. Adjusted operating profit before transformation costs down 25 per cent to £242m. As the City expected? As bad. UBS had forecast first-half revenue of £4.9bn, and a hit to adjusted earnings. Sales rate per outlet per week for the year to date: 0.51.2018 completions to be in line with our expectations. Land acquisitions with an average expected return on capital employed of 25 per cent.

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