As expected, the Royal Mail Board has declared an interim dividend of 7.5 pence per share, down from 8.0 pence per share.
Other financial highlights include:
Group revenue up 5.1 per cent. UKPIL revenue up 1.8 per cent, our best performance for 5 years. GLS revenue up 14.1 per cent, including acquisitions.
Reported operating profit of £61 million, up £65 million due to lower costs relating to specific items.
Adjusted Group operating profit of £165 million, down 13.2 per cent, primarily due to a decline in UKPIL profitability.
Adjusted Group operating profit margin down 70 basis points to 3.2 per cent, driven by UKPIL profitability, as expected.
In-year trading cash inflow of £152 million.
Net debt increased to £1,372 million, mainly due to adoption of IFRS 16.