Royal Mail said it saw a “resilient” first half despite reporting a drop in earnings as ongoing falls in the numbers of letters being posted offset growth in parcel deliveries.
Moves to slash costs helped limit declines in underlying operating profits, down 2% to £342m over the six months to September 27.
It said new contracts helped drive a 1% rise in parcel revenues.
However, the group was hit by a 3% drop in letter sales and Royal Mail said trading conditions remained “challenging”.
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