Royal Mail plc (RMG.L) today announced its results for the full year ended 26 March 2017.
Moya Greene, Chief Executive Officer, commenting on the results, said:
“We have made good progress against all of our strategic priorities. This has been a more challenging period for UK businesses and we have come through it well.
Our multi-year focus on costs is a key priority. We are on track to avoid around £600 million of annualised costs in UKPIL by 2017-18. We are past the peak of investment; we now expect net cash investment of around £450 million in 2017-18.
GLS is performing very well and is growing revenue organically and through acquisitions. Its deep expertise and focus on B2B parcels in multiple geographies – now 41 European countries and seven states in the US – positions it to be a greater force for growth for the Company. We will continue to invest in careful and focused international expansion by GLS.
Through a combination of our strategic approach to costs and more efficient investment spend, we will support our progressive dividend policy with the in-year trading cash generation of the Group.”
Source: Royal Mail Group