Business

Royal Mail nine-month income rises on increased parcel volumes

(Reuters) – Royal Mail (RMG.L) on Thursday reported an increase in nine-month income, helped by increased parcel volumes and energy in its worldwide business.

Parcel volumes in the course of the interval rose 6 p.c, with 149 million parcels dealt with over the important thing December buying and selling interval.

The postal and parcel supply company mentioned income rose 2 p.c for the 9 months ended Dec. 24, with income at its European parcels business climbing 10 p.c.

The company mentioned it now expects addressed letter volumes to be in the course of the Four-6 p.c decline vary it had beforehand forecast for the complete yr.

Letters efficiency was better-than-expected, with addressed letter volumes down 5 p.c within the nine-month interval, Royal Mail mentioned.

Competition is getting more durable within the parcels market due to new entrants similar to Amazon (AMZN.O), whereas letter volumes proceed to fall. Royal Mail additionally must persuade unions to again its plan to shut a pension scheme.

Royal Mail, which has been in a row with the Communications Workers Union (CWU) over plans to switch the company’s outlined profit pension scheme, added it was making progress in talks with its unions.

Reporting by Radhika Rukmangadhan in Bengaluru; Editing by Amrutha Gayathri, Bernard Orr

Our Standards:The Thomson Reuters Trust Principles.

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