Royal Mail profits surge in pandemic; markets stabilise after crypto selloff – business live | Business
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Profits at Royal Mail have soared, as the pandemic drove a surge in demand for parcel deliveries from households during the lockdown.
But with uncertainty rife, the company has held back from providing a forecast for the current year, with parcel volumes dipping slightly last month compared to the first lockdown in April 2020.
After an extremely busy time for Britain’s postmen and women, Royal Mail has reported that pretax profits jumped to £726m in the 12 months to the end of March, up from £180m the previous year.
Adjusted operating profit more than doubled too, jumping to £702m from £325m.
It was driven by a 16% jump in revenues, in the 12 months to the end of March — driven mainly by strong parcel growth at both Royal Mail and its…