Royal Mail half-year profits fall

Royal Mail has reported a near 15% fall in half-year profits. Letter volumes fell by 4% while parcel volumes rose by 4% as well.

Royal Mail reported adjusted pre-tax profit of £240m in 2015 against £287m a year earlier. Performance for the full financial year would depend on Christmas - its busiest time of year, according to a Royal-Mail representative.

“The rise in the number of parcels came as a result of gaining new customers”, Royal Mail said.

But despite the increase in parcel volumes, revenues from Royal Mail's UK letters division dipped 1% in the period, as reported by a BBC reporter.