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| Version 1 | Version 2 |
|---|---|
| Royal Mail 'confident' after revenues rise | Royal Mail 'confident' after revenues rise |
| (about 11 hours later) | |
| Royal Mail has said it is "confident" about hitting its targets after posting a 2% rise in like-for-like revenues in the nine months to 29 December. | Royal Mail has said it is "confident" about hitting its targets after posting a 2% rise in like-for-like revenues in the nine months to 29 December. |
| Parcel deliveries accounted for 51% of revenues, and chief executive Moya Greene said the firm handled 115 million parcels in December. | Parcel deliveries accounted for 51% of revenues, and chief executive Moya Greene said the firm handled 115 million parcels in December. |
| Ms Green added that the firm's financial performance to date was in line with expectations. | Ms Green added that the firm's financial performance to date was in line with expectations. |
| The postal service was privatised in October 2013. | The postal service was privatised in October 2013. |
| Shares in Royal Mail closed down 2.6% at 572.5p, against a flotation price in October of 330p-a-share. | |
| Ms Greene said the number of parcels in December was "significantly more than any other carrier in the UK parcel market". | Ms Greene said the number of parcels in December was "significantly more than any other carrier in the UK parcel market". |
| She said the company's European parcels business was doing well after exploiting "growth opportunities in the eurozone". | She said the company's European parcels business was doing well after exploiting "growth opportunities in the eurozone". |
| Letter revenue fell by 3% on a like-for-like basis, the company said, as the impact of London 2012 collectable stamp sales waned. | Letter revenue fell by 3% on a like-for-like basis, the company said, as the impact of London 2012 collectable stamp sales waned. |
| Richard Hunter, head of equities at Hargreaves Lansdown Stockbrokers, said the update was "perfectly acceptable". | |
| He said: "More broadly, the profitable parcels business remains one which is vulnerable to new competition, whilst the estimated dividend yield of just under 3% is not the attraction it was at the time of the float, nor does it compare favourably with certain of its European peers." | |
| Mr Hunter said Royal Mail's shares had had a "very strong run" since October but that it may struggle to make "further meaningful progress" in the shorter term. | |
| The company was "simply a hold" for investors, he said. |