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Royal Mail FY Pre-tax Profit Rises

Royal Mail Plc (RMG.L) reported that its profit before tax for the full year ended 31 March 2019 rose to 241 million pounds from 212 million pounds last year. Royal Mail confirmed that Keith Williams has today taken over as Chair of the Company, replacing Les Owen. Les has stepped down from the Board after 9 years' service.

The company also announced that it appointed Maria da Cunha and Michael Findlay as Non-Executive directors of the Company with effect from today.

Rico Back, Group Chief Executive Officer, said, "Our ambition is to build a parcels-led, more balanced and more diversified international business, delivering adjusted Group operating profit margin of over four per cent in 2021-22, increasing to over five per cent in 2023-24."

The reported that its profit attributable to equity holders of the parent company for the year declined to 175 million pounds or 17.5 pence per share from 259 million pounds or 25.7 pence per share in the previous year.

Revenue for the year rose to 10.58 billion pounds from last year's 10.17 billion pounds, due to impact of 53rd week in UKPIL and higher parcels revenue in UKPIL and GLS.

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