Thursday 19 May 2016

Royal Mail profits slump by a third

Postal delivery company says it took hit from transformation costs but chief executive hails ‘resilient performance’

Royal Mail has said its full-year pre-tax profits slumped 33% to £267m as it took a hit from transformation costs.

The postal delivery company said the fall reflected one-off items, such as pension charges, that distorted its balance sheet.

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