Mar 30, 2021

Royal Mail to pay one-off dividend as parcel business improves

Royal Mail Group plans to pay its first one-off final dividend since listing in 2013 after consumers stuck at home shifted their spending from physical stores to online, driving up parcel revenues and transforming the fortunes of the 500-year-old business. The postal company expects adjusted operating profit to hit about £700m in the year ending March, more than double of £325m a year ago, giving it confidence to pay a one-off final dividend of 10p a share. Parcel revenues at Royal Mail Group have soared with shoppers clicking to buy a range of goods from clothes to household essentials online during coronavirus lockdowns, while letter volumes have returned to strength in recent weeks. GLS, the group's international business, plans to give a business update on Tuesday. It has set targets to increase revenues of €3.6bn by 12 per cent each year until the 2024-25 financial year and more than double operating profit to €500m. Get alerts on Royal Mail PLC when a new story is published.

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