May 20, 2021
Annual profits more than double at Royal Mail
Royal Mail held back from giving guidance for the current year even after a surge in parcel volumes helped deliver a more than doubling of its annual profit. The coming year "Contains a number of uncertainties that could significantly influence volumes and costs," cautioned Keith Williams, Royal Mail's chair. For the year ended March Royal Mail's revenue rose 16.6 per cent to £12.6bn. Operating profit on an adjusted basis was up 115 per cent to £702m, slightly below consensus expectations, as higher expenses and a 12.5 per cent decline in mail revenue offset a near 39 per cent increase in parcel revenues. The utility infrastructure group set out plans for capital expenditure of between £30bn and £35bn over the next five years with a target of delivering underlying earnings per share growth of between 5 and 7 per cent a year. Its full-year results to March showed underlying operating profit up 14 per cent to £151.8m. Young & Co reported encouraging trading since lockdown restrictions lifted in April and reported total group revenue of £90.6m for the year ended March, about 30 per cent of the pre-Covid level.
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