LONDON, Jan 21 (Reuters) - British state-owned postal firm Royal Mail on Wednesday said it was on track to almost double its full-year profits after it reported a surge in operating profits n the nine months to December.
The mail operator said pre-exceptional operating profit came in at 255 million pounds ($350.5 million)for the nine months to Christmas compared with a profit of 162 million pounds for the whole of 2007/08.
Group revenue for the period rose 3 percent to 7.2 billion pounds and all business units were in profit for the first time in 20 years, Royal Mail said in a statement.
However, Chief Executive Adam Crozier warned that he expected mail volumes to fall by 7 percent over the next 12 months.
He said the increasing competition from people using emails to communicate was costing the company more than the impact from rival mail companies.
The government has said it wants to bring in an outside investor into Royal Mail despite opposition from dissident lawmakers.
Ninety-nine backbench members of parliament have put their name to a motion opposing the partial privatisation.
That would be enough to deal Prime Minster Gordon Brown's Labour government a serious parliamentary defeat if they were joined by all other opposition MPs.
Royal Mail Chairman, Allan Leighton is currently raising £1m for Breast Cancer Charities from delivering leadership keynote speeches to corporate audiences. For further information or to book Allan Leighton, call us on +44 (0)20 7607 7070 or email firstname.lastname@example.org
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