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Royal Mail Half Yearly.

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idpickering
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Royal Mail Half Yearly.

#180418

Postby idpickering » November 15th, 2018, 7:07 am

Group performance1,2

· Revenue up one per cent on an underlying basis. GLS revenue increased nine per cent, more than offsetting one per cent decline in UKPIL revenue.

· Adjusted operating profit before transformation costs of £242 million was down 25 per cent on an underlying basis, primarily reflecting lower revenue in the UK, poor productivity performance and, consequently, lower cost avoidance in the UK, as well as higher than expected cost pressures in GLS.

· In-year trading cash outflow of £100 million arising primarily from, as previously indicated, a £101 million payment in relation to the 2017-18 pay award3.

· Adjusted operating profit margin after transformation costs of 3.9 per cent, down 150 basis points.

· Adjusted profit before tax of £183 million was down 27 per cent on an underlying basis, largely reflecting the operational performance.

· Adjusted basic earnings per share (EPS) of 13.6 pence was down 6.5 pence.

And then;

Outlook summary for 2018-19

· Outlook and other guidance for 2018-19 unchanged.

· Adjusted Group operating profit before transformation costs of £500 million to £550 million on a 52 week basis.

· UKPIL parcel volumes and revenue growth rates to be better than in 2017-18.

· Addressed letter volume decline (excluding political parties' election mailings) similar to decline in first half.

· Committed to £100 million cost avoidance target; UKPIL productivity improvement significantly below our original expectation (towards the upper end of the two to three per cent range).

· Transformation costs of around £150 million due to short-term cost actions.

· Continued good revenue growth in GLS. Targeting adjusted operating profit margins of over six per cent.

· Total net cash investment of around £500 million.

· The Group has a progressive dividend policy. In line with our dividend policy, the interim dividend of 8.0 pence has been set as one third of the prior year's total dividend.





Also;

Dividends

The final dividend of 16.3 pence per share in respect of the 2017-18 financial year was paid on 31 August 2018, following shareholder approval.

As previously stated, given the seasonality of the Group's business, the Board would expect to pay an interim dividend each year equal to approximately one-third of the prior year's total dividend and to set the final dividend for each year in light of the full year performance of the Group.

The Board has declared an interim dividend of 8.0 pence per ordinary share, payable on 16 January 2019 to shareholders on the register at the close of business on 7 December 2018.




https://www.investegate.co.uk/royal-mai ... 00074063H/

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