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Royal Mail targets higher cost savings Royal Mail targets higher cost savings
(35 minutes later)
Royal Mail has increased its target for cost savings as it reported a small rise in half-year revenues.Royal Mail has increased its target for cost savings as it reported a small rise in half-year revenues.
The company is now seeking to cost cuts by £600m a year, up from a previous target of £500m. The company is now seeking cost savings of £600m a year, up from a previous target of £500m.
Royal Mail reported a 1% rise in revenue to £4.6bn for the half year to 25 September.Royal Mail reported a 1% rise in revenue to £4.6bn for the half year to 25 September.
The trend of fewer letters being sent through the post continued, with total letter revenues falling by 3%, although parcel revenues grew by 3%.The trend of fewer letters being sent through the post continued, with total letter revenues falling by 3%, although parcel revenues grew by 3%.
"We delivered UK parcel volume and revenue growth including new contract wins," said Moya Greene, Royal Mail's chief executive."We delivered UK parcel volume and revenue growth including new contract wins," said Moya Greene, Royal Mail's chief executive.
Operating profit before transformation costs for the six month period fell 5% to £320m from £342m.Operating profit before transformation costs for the six month period fell 5% to £320m from £342m.
Ms Greene said the Christmas period would be crucial for the full-year results.Ms Greene said the Christmas period would be crucial for the full-year results.
"Extensive planning, which began in the spring, will help us to manage our busiest time," she said. "This includes the recruitment of over 19,000 temporary staff and opening nine temporary parcel sort centres.""Extensive planning, which began in the spring, will help us to manage our busiest time," she said. "This includes the recruitment of over 19,000 temporary staff and opening nine temporary parcel sort centres."
Royal Mail competitor UK Mail - which is being bought by Deutsche Post - said half-year revenues had fallen to £230m from £237m a year earlier, although pre-tax profits rose to £5.8m from £2.2m.Royal Mail competitor UK Mail - which is being bought by Deutsche Post - said half-year revenues had fallen to £230m from £237m a year earlier, although pre-tax profits rose to £5.8m from £2.2m.