Royal Mail sees a 25 per cent rise in profits

What happened?

Royal Mail’s annual profits have climbed 25 per cent. This is due to a growth in its parcel delivery business.

Parcel deliveries managed to rise by nine per cent as more and more enjoyed online shopping. The number of letters posted fell by six per cent.

Bosses have put the rise down to upgraded computer systems which means packages can be sorted much faster.

The firms pre-tax profits sat at £335m in the year to the 26 March from £267m. Revenues grew 5.7 per cent to 9.8bn.

Chief executive Moya Greene said: “We have made good progress against all of our strategic priorities. This has been a more challenging period for UK businesses and we have come through it well.”

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