Profits up at Royal Mail

<p>Royal Mail has confirmed a rise in its profits.</p>

Pre-tax profits are up at Royal Mail, which recently enjoyed a successful share sale.

The firm announced today (November 27th) that its profits were £233 million for the six months to September 29th, which was up from £94 million a year ago.

"Our first half financial performance was in line with our expectations of delivering low single digit revenue growth and margin expansion," said Royal Mail chief executive Moya Greene.

Revenues were revealed in a statement to have grown by two per cent on a like-for-like basis to £4.52 billion, while parcels now make up 51 per cent of the firm's revenues.

Some 60 per cent of Royal Mail shares were sold by the government recently, with critics claiming the price was set too low, resulting in the taxpayer losing money.

Stocks in the company have shot up in value since they went on sale and are up again this morning on the back of the profits announcement.

At 09:45 GMT, the share price of Royal Mail was almost six per cent up on the start of the day.

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