Did royal mail make a profit last year
According to Royal Mail's annual report and financial statements for the year ended March 31, 2022, the company reported a profit before tax of £234 million (approximately $310 million USD).
This represents a significant improvement from the previous year, when Royal Mail reported a loss before tax of £65 million (approximately $85 million USD).
The company's improved financial performance was driven by a number of factors, including:
- Increased parcel volumes: Royal Mail benefited from the ongoing shift to online shopping, which led to a 12% increase in parcel volumes compared to the previous year.
- Cost savings: The company implemented various cost-saving measures, including reducing its workforce and renegotiating contracts with suppliers.
- Price increases: Royal Mail implemented price increases for its services, which helped to offset the rising costs of fuel, labor, and other expenses.
- Strong performance in its parcels business: Royal Mail's parcels business, which includes its Parcelforce and Royal Mail International services, performed well, with revenue up 14% compared to the previous year.
However, it's worth noting that Royal Mail's financial performance is still affected by the ongoing challenges facing the postal industry, including declining letter volumes and increased competition from private courier companies.