Royal Mail profits fall, but same-day deliveries on the way
Chief executive Moya Greene said: "We have delivered a resilient performance in the first half, demonstrating our ability to respond to a competitive trading environment. We delivered parcel volume and revenue growth in the UK, which continues to be a challenging market. Addressed letter volume decline was at the better end of our forecast range."
"We are driving through a range of product innovations and service improvements at pace, as well as targeting new areas of growth and enhancing our offering."
Such as? Well, the Royal Mail are purchasing same day-delivery firm eCourier, which means they can take on Argos and Amazon, who have been lording it up with their same-day services. Whether eCourier will continue to trade under their own name, or be rebranded and incorporated into the Royal Mail, remains to be seen.
Royal Mail won't say how much they bought eCourier for, but did say that the "financial terms of the transaction were not material in the context of the group as a whole".