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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Royal Mail plc    RMG   GB00BDVZYZ77

ROYAL MAIL PLC

(RMG)
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Royal Mail PLC : Royal Mail first half profits almost double

11/27/2013 | 07:40am EST
A Royal Mail post box is seen in central London

LONDON (Reuters) - Royal Mail said rising parcel revenue and ongoing cost cuts helped the newly-privatised postal operator almost double its operating profit in the first half of the year.

Reporting for the first time as a London listed company following the government's high-profile sale of a 60 percent stake, Royal Mail said on Wednesday operating profit after transformation costs had jumped to 283 million pounds.

That figure for the six months to September 29 was 96.5 percent ahead of the 144 million pounds posted in the same period a year ago, helped also by a one-off VAT credit of 35 million pounds and lower than expected transformation costs.

Like-for-like revenue grew 2 percent to 4.52 billion pounds, as online shopping fuelled parcel sales, which account for 51 percent of the group, offsetting falling letters revenue. Operating profit margin grew 190 basis points to 5.2 percent.

The group, which is closing mail centres and improving operations to handle Briton's growing penchant for parcels, said parcel volumes had been flat in the period due to an e-shopping slowdown in the hot summer but said it would post "significant revenue growth" for the nine months to December.

The group will pay a final dividend of 133 million pounds for the full-year.

The privatisation of Royal Mail has dominated British headlines in 2013, with criticism from unions and opposition lawmakers intensifying since shares in the firm rocketed by as much as 80 percent above the government's 330 pence offer price.

Later on Wednesday Vince Cable, the minister in charge of the privatisation, will be quizzed before a parliamentary committee on whether the sale has shortchanged the taxpayer.

Cable's appearance follows that last week of the banks that helped broker the sale, who rejected claims that the postal firm could have been sold at its current higher price.

Shares in the firm closed at 533 pence on Tuesday.

The results come a day after Royal Mail and the Communication Workers Union extended a deadline for an agreement on pay and working conditions until December 3.

(Reporting by Neil Maidment; Editing by Kate Holton)


© Reuters 2013
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Financials
Sales 2021 11 743 M 15 629 M 15 629 M
Net income 2021 164 M 218 M 218 M
Net Debt 2021 1 167 M 1 553 M 1 553 M
P/E ratio 2021 23,4x
Yield 2021 0,44%
Capitalization 3 090 M 4 119 M 4 113 M
EV / Sales 2021 0,36x
EV / Sales 2022 0,35x
Nbr of Employees 135 049
Free-Float 86,5%
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Mean consensus HOLD
Number of Analysts 13
Average target price 265,46 GBX
Last Close Price 309,30 GBX
Spread / Highest target 30,0%
Spread / Average Target -14,2%
Spread / Lowest Target -66,1%
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Managers
NameTitle
Stuart Campbell Simpson CEO, Chief Finance Officer & Executive Director
Keith Williams Executive Chairman
Achim Dünnwald Chief Operating, Strategy & Transformation Officer
Christian Herrlich Group Chief Information Officer
Rita Elizabeth Griffin Independent Non-Executive Director
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