Parcelforce Worldwide saw its operating profit double to £4 million, according to Royal Mail¹s results for the first half of the 2008/09 financial year. Sales grew by 5.7 per cent despite the tough market.
The group’s European parcels business, GLS which operates in 36 European states, again improved its performance with a half year operating profit of
£59 million.
Overall, group operating profit more than doubled to £177 million despite a further fall in mail volumes.
Despite the improved results the group said it was facing huge pressures with the Universal Postal Service still loss-making, competition intensifying still further both from electronic communications and rival operators and the increasingly heavy costs of servicing the historic pension deficit.
The scale of these challenges means there is an urgent need to step up the pace of modernisation and to ensure that everyone in the company is playing their part in transforming our operations and delivering a world class postal service.
Profits up at Royal Mail’s parcels business
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