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Royal Mail announces one-off dividend as profits soar
StockMarketWire.com
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Royal Mail will pay a 10p one-off dividend to shareholders as profits jump 116% for 2020/21, well above initial expectations and driven by strong parcel growth.
The company has also proposed a progressive future dividend policy, with dividend for 2021-22 set at 20 pence per share. Subject to retaining a prudent capital structure, the board will not retain excess capital which is unutilised under the capital allocation framework.
Royal Mail parcels revenue was up 38.7%, partly offset by letters decline of 12.5%. Operating costs were up 9.2% for the full year to the end of March 2021.
GLS, meanwhile, recorded a 230 basis point increase in its adjusted operating margin to 8.9%, driven by mproved performance in focus countries such as Spain, France and the US.
In April 2021, Royal Mail revenue was up 24.1% and GLS up 22.3% year on year. Royal Mail parcel volumes were down 2% and addressed letters (excluding elections) volume was up 25%.
Parcel volume growth at GLS remained strong until mid-April, with a subsequent slowdown given the high volumes observed last year.
At 8:14am: (LON:RMG) Royal Mail PLC share price was 0p at 274.6p
Story provided by StockMarketWire.com
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