Royal Mail increases annual earnings despite staff cost pressures

Royal Mail owner International Distribution Services said its UK postal arm grew revenues and earnings despite soaring staff costs after the Government’s job tax hike (James Manning/PA) - (PA Wire)

Royal Mail owner International Distribution Services said its UK postal arm grew revenues and earnings despite soaring staff costs after the Government’s job tax hike.

IDS – bought last year by Czech billionaire Daniel Kretinsky – said Royal Mail saw underlying earnings jump to £5 million in the year to March 31, up from £2 million a year earlier, as revenues lifted 2.6% to £8.4 billion, in spite of rising national insurance contributions.