Royal Mail doubles profit

The Royal Mail has doubled its operating profits to 177m in the past six months, compared with a year ago. It has attributed the strong performance to cost cuts, the introduction of newer services and improved efficiency measures.

The Royal Mail has doubled its operating profits to £177m in the past six months, compared with a year ago. It has attributed the strong performance to cost cuts, the introduction of newer services and improved efficiency measures.

Chairman Allan Leighton says the “good results” demonstrate Royal Mail’s progress despite the tough economic climate and competition from its commercial rivals.

Royal Mail has however seen a decrease of over five million letters in its volume. It is also expected to shut approximately 2,500 post offices by the end of this year.

Leighton, its longest serving chairman, will step down next March after seven years with the group. The Government has already begun a search for his replacement.

The postal services group also says that it gained from the stock market falls that pushed its pension deficit from £2.9bn earlier this year to £4bn in September.

Royal Mail had earlier expressed concerns over the downturn in the ad market, as well as the transition of advertising into the digital space.

Latest from Marketing Week

PLEASE SIGN IN OR REGISTER. IT'S FREE, QUICK AND EASY!

Access Marketing Week’s wealth of insight, analysis and inspiration that will help you develop as a marketer and leader.

Register and receive the best content from the only title 100% dedicated to serving marketers' needs.

We’ll ask you just a few questions about what you do and where you work, so we can make Marketing Week more relevant to you.

Register now

THE BEST CONTENT

Our award winning editorial team and columnists will ask the biggest questions about the biggest issues on everything from strategy through to execution to help you navigate the fast moving modern marketing landscape.

THE BIGGEST ISSUES

From the opportunities and challenges of emerging technology to the need for greater effectiveness, from the challenge of measurement to building a marketing team fit for the future, we will be your guide.

PERSONAL AND PROFESSIONAL DEVELOPMENT

Information, inspiration and advice from the marketing world and beyond that will help you develop as a marketer and as a leader.

Dedicated to developing your skills and helping you achieve marketing excellence. Find guidance on leadership, professional development and the latest industry jobs.

Having problems?

Contact us on +44 (0)20 7292 3711 or email subscriptions@marketingweek.com

If you are looking for our Jobs site, please click here