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Boost for shareholders as parcels help Royal Mail to £311m profit
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Royal Mail is handing £400m to shareholders after its parcel delivery business benefited from the greater shift to online spending during the pandemic.
The accelerated trend to more parcels, which Royal Mail said was a permanent shift, helped it to a £311m pre-tax profit in the six months to 26 September, after barely scraping a profit last year. Its revenues rose by 7% year-on-year to £6.1bn.
The news sent shares up 5% on Thursday morning, making Royal Mail the top riser on the FTSE 100.
It marks a turnaround in fortunes for the company, after the early pandemic lockdowns depressed Royal Mail’s profits as it added new costs and hit the volumes of letters sent. However, the delivery company said it has seen a “structural shift” in parcels,
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