MRM.COM : Trading Update and revised full-year expectations : Business performance

[POSTMAN]

https://www.myroyalmail.com/news/2021/0 ... erformance

This morning we have issued a trading update to the market.

In the update, we have informed the market that if the current trading performance in Royal Mail continues for the remainder of March, we would expect Royal Mail revenue – that’s the money we make, not profit - for the financial year 2020-21 to be more than £900 million higher year on year.

Group adjusted operating profit for the financial year 2020-21 is now expected to be around £700 million. This morning’s update only provides profit information at a Group level.

The higher-than-expected revenue is partially as a result of recent letter volume and revenue trends in Royal Mail being better than we anticipated. Growth in parcels in the UK has remained strong but broadly in line with what we expected.

CEO Simon Thompson said: ‘It is also great to see that our Quality of Service is also improving for our customers. The growth in revenue is of course good news, but as the old adage goes, revenue is vanity, profit is sanity.’

We will update everyone with further detail of Royal Mail’s expected profitability on 30 March when we will issue a pre-close update.

An additional update from CEO Simon Thompson will feature in the next RMtv.

[toonshola]

Well would you look at that. Straight after the piss poor pay deal the union so graciously negotiated for us the business starts to rake in the profits. We have been robbed and conned by the business and the Cwu.

[qwerty2]

Is that why the shares have gone up?

[twiddledumb]

I'm sure all the big share holders will be ecstatic, service and moral of staff going down the pan but profits going through the roof, is the share price high enough for Dave and Terry to sell their shares and retire yet?