Britain's Royal Mail said on Thursday it would return 400 million pounds ($539.84 million) to shareholders after the postal company forecast higher annual earnings in its UK business following a strong first half.
The logo of Royal Mail is seen outside the Mount Pleasant Sorting Office as a delivery vehicle arrives, in London, Britain, June 25, 2020. REUTERS/John Sibley/File Photosaid on Thursday it would return 400 million pounds to shareholders after the postal company forecast higher annual earnings in its UK business following a strong first half.
The company, one of the world's oldest postal firms, was able to turn a corner since the pandemic began as more people shopped online, boosting its parcel delivery business."We're seeing the benefits of our programmes to reduce costs, and are developing our plans to address inflationary pressures which will impact next year and beyond," Chief Executive Officer Simon Thompson said.
Royal Mail reported a surge in group adjusted operating profit to 404 million pounds for the six months ended Sept. 26 and forecast full-year profit for its UK business of about 500 million pounds. The company said it will buy back shares worth 200 million pounds starting immediately, while the remaining 200 million pounds will be paid as a special dividend.Reporting by Yadarisa Shabong in Bengaluru; Editing by Shounak DasguptaSubscribe for our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.
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