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11 Feb 2021 | 07:01

Royal Mail sees FY profits 'well in excess' of £500m as parcel revenues soar

(Sharecast News) - Royal Mail said it expected full-year group adjusted profit to be "well in excess" of £500m after a strong rise in parcel revenues over Christmas period. The company on Thursday forecast 2020-21 revenue "significantly" beyond the top end of the £380m - £580m range guided in November after third quarter parcel revenues grew 43.3% to £3.8bn.

January trading has remained robust with parcel volume growth of 37%, with the re-introduction of nationwide Covid-19 restrictions and a peak in the volume of items being returned to retailers following Christmas playing a part, Royal Mail said in a trading update.

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