Royal Mail suffers 90% slump in profits despite rise in parcels revenue

Royal Mail’s parcels revenue has overtaken letters for the first time and now represents 60% of its entire turnover, according to the postal group. Turnover rose in the first half of its financial year to 27 September by almost 10% to £5.7bn. However, even the 31% increase in parcels volume did not prevent a 90% drop in its pre-tax profits to £17m. It said that during the period it had seen “a staggering reduction” in the amount of letters it […]