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

Royal Mail reported a significant jump in profits this morning thanks to a number of one-off gains, as it posted its first set of results since listing.

The business enjoyed one of the most successful floats ever thanks to a lowly share price which critics of the listing process said hugely undervalued the company. In its latest results, it reported a jump in profits from £94m to £233m. Profits 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...