Royal Mail has delivered its results for the full year ending 26th March 2017. The results revealed that their annual profits have increased 25 per cent, due to better than expected growth. The company’s pre-tax profits rose to £335m from £267m in the year leading to March 2017 and revenues grew by just one per cent to £9.8bn.
Moya Green, Chief Executive at Royal Mail 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.”
Although it had a significant boost in profits the company was cautious to protect its prospects within the UK, an area where it makes three quarters of its total sales. The company experienced a decrease in the amount of letters being sent; the decline of six per cent is expected to have been caused by the uncertainty over Brexit.
The business’ most impressive performance in the year end results did however come from their overseas General Logistics Systems (GLS). Sales in the GLS sector jumped nine per cent to £2.5bn.
Green continued “GLS is performing very well and is growing revenue organically and through acquisitions.”
We think that this is excellent news and it is great to see one of our iconic UK businesses doing well especially in a time when there is a lot of uncertainty due to the decision to leave the EU.
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