Profits drop at Royal Mail following challenging year
Royal Mail has reported a drop in adjusted pre-tax profits to £398m for the year to March 31, compared to £565m in the comparable period last year.
On a reported basis, pre-tax profits increased to £241m. Revenue was higher at £10.58bn.
Chief executive Rico Back said: “At the heart of our refreshed strategy is a UK ‘turnaround and grow’ programme. In 2018-19, after a challenging year, we delivered productivity improvements and cost avoidance in line with our revised expectations.
“Over the next five years, through a focus on new ways of working and extending our network, we will ensure a contemporary UK universal service.”