Royal Mail's first results since listing show jump in profits

The business - which enjoyed one of the most successful float's ever thanks to a lowly share price which critics of the listing process said massively undervalued the company - reported a jump in profits from £94m to £233m. The results were lifted by a one-off VAT credit of £35m, lower depreciation and amortisation of £10m, as well as a £50m gain from lower transformation costs than previously expected. Including a major change in the way it accounts for its pensions, profits were £1.58bn, but analysts are focused on the figure excluding this gain. Revenues of £4.52bn were up 2% co...