Royal Mail has reported a near-doubling of operating profits to £283m for the first half of its financial year amid its controversial privatisation.
In the wake of the sale of the 60% stake - which remains gripped by suggestions the taxpayer was short-changed - the newly privatised firm said rising parcel revenue and continuing cost cutting was mainly responsible for the performance.
The operating profit for the six months to September 29 was 96.5% ahead of the £144m posted in the same period a year ago, helped also by a one-off VAT credit of £35m and lower than expected transformation costs in the half.
The group said it still intended to propose a final dividend of £133m for the full-year.
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