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| Royal Mail operating profit up 4% | |
| (20 minutes later) | |
| Royal Mail has reported an operating profit of £184m for the six months to September, up 4% on the same period last year. | Royal Mail has reported an operating profit of £184m for the six months to September, up 4% on the same period last year. |
| But the company also announced that it had paid more than £300m into its pension fund over the period. | But the company also announced that it had paid more than £300m into its pension fund over the period. |
| Royal Mail's pension fund deficit is being revalued and is expected to reach £10bn, compared with £3.4bn at the last valuation three years ago. | Royal Mail's pension fund deficit is being revalued and is expected to reach £10bn, compared with £3.4bn at the last valuation three years ago. |
| The company said reducing the deficit remained a "daunting challenge". | The company said reducing the deficit remained a "daunting challenge". |
| Royal Mail said its letters business had seen letter volumes fall to 72 million items a day, down by three million from last year. | |
| But the firm said the rise in operating profits was an indication that the modernisation of its letters business was working. | |
| "Everyone working the hours for which they are paid, working flexibly and using new equipment we're investing in... have helped drive efficiency and offset the effects of volume decline," said Royal Mail chief executive Adam Crozier. | |
| Royal Mail says it is two-thirds through the implementation of its plans, the details of which sparked a number of strikes earlier this year. | |
| Profits were made in all four businesses within the Royal Mail group: the Post Office, Royal Mail letters, Parcelforce Worldwide, and its European parcels business GLS. |