Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).


For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.


We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

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You confirm that all information you supply is accurate.


In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.


We store and use information you provide as follows:

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We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

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We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.


We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.


The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.


Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.


If you want more information or have any questions or comments relating to our privacy policy please email [email protected] in the first instance.

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Royal Mail PLC (RMG)

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Thursday 21 January, 2016

Royal Mail PLC

Nine Months 2015-16 Trading Update

RNS Number : 5126M
Royal Mail PLC
21 January 2016



Royal Mail plc

News Release


21 January 2016






Royal Mail plc (RMG.L) today issued a trading update covering the nine months ended 27 December 2015. Overall, trading in the period fully met our expectations.


Moya Greene, Chief Executive Officer, Royal Mail plc, said:


"Once again, our postmen and women delivered a great Christmas - even better than last year's strong performance. This is because of the commitment of our people and our investment in additional temporary staff and sorting capacity. Extensive planning, which began in the spring, ensured we had the capacity to accommodate additional volumes from our retail customers and other delivery operators.


"In the first nine months, UK parcel volumes were up 4%, with 130m parcels handled in December alone, 6% more than last year. The performance in letters improved slightly over the first half, with addressed letter volumes, excluding elections, down 3%. In Europe, GLS performed better than expected with volumes up 11%. Given the performance to date, we are not anticipating a decline in GLS margins for the full year. We remain on track to deliver at least a 1% reduction in underlying operating costs before transformation costs in UKPIL for the full year."


Trading performance for the nine months ended 27 December 2015







·   Group revenue reflects a good performance over our peak period in UKPIL as well as a better than expected performance in GLS.








·   UKPIL revenue was down 1%, with parcel revenue up 1% and letter revenue down 2%.









·   Trends in parcels in the first nine months were the same as those seen in the first half.

·   Parcel volume growth continued to be driven by Royal Mail account parcels, which benefitted from recent new contract wins, import parcels, and Parcelforce Worldwide, which saw volumes increase by 16%. Growth in these channels has more than offset the tough trading environment in consumer/SME and export parcels.

·   Parcel revenue was up 1% due to the impact of the competitive environment and the trends in mix. We continue to see the impact of higher volumes of lower AUR import parcels, largely from China, and lower volumes of higher AUR consumer/SME and export parcels, due to increased competition in these segments and a foreign exchange-driven impact on the export/import mix.




Addressed letter volumes





·   Addressed letter volumes decreased by 3% (excluding the impact of election mailings), reflecting the one-off benefit from the return of direct delivery volumes and a good performance over our peak period.

·   Total letter revenue was down 2% as the continuing change in mix partially offset the impact of letter price increases.









·   GLS performed better than expected, benefitting from a good performance over the peak period. GLS Italy and GLS Poland delivered particularly good performances in the first nine months.

·   While profitability in GLS Germany continues to be impacted by the German minimum wage legislation, overall profitability is benefitting from good volume-related revenue growth in most of GLS's markets.


Recent developments


We have made a number of investments to improve our technological capabilities and enhance our offering in the parcels space. In November, we agreed to acquire eCourier, a leading same day parcel delivery company. In December, we acquired NetDespatch, a leading software solution provider specialising in parcel data management and labelling for retailers and parcel carriers.


On 15 December, we announced that we had received notification of the fine from the French competition authority in relation to antitrust law breaches by GLS France. The fine of €55.1m (£40.2m) was fully provided for in our financial statements for the year ended 29 March 2015.


Current trading and outlook


Overall, trading in the nine months ended 27 December 2015 fully met our expectations, with a good performance over our peak period in UKPIL as well as a better than expected performance in GLS. We remain on track to deliver at least a 1% reduction in underlying operating costs before transformation costs in UKPIL for the full year. Given the performance to date, we are not anticipating a decline in GLS margins for the full year2. Otherwise our outlook for letter and parcel trends and other guidance remain unchanged from that set out in our financial results for the half year ended 27 September 2015.


The results for the full year ending 27 March 2016 are expected to be announced on Thursday 19 May 2016.




1.    Movements in revenue, costs and volume are on an underlying basis, unless otherwise stated. Underlying change is calculated after adjusting for working days in UKPIL revenue, foreign exchange movements in GLS, and other one-off items that distort the Group's underlying performance. For volumes, underlying movements are adjusted for working days in UKPIL and exclude elections in letter volumes. In 9M 2015-16 there were 227.5 working days in UKPIL (9M 2014-15 227.5). We estimate that the impact of working days in UKPIL will be around £25m for the full year (2015-16 303; 2014-15 304). For comparison purposes all underlying adjustments are made to the prior period.

2.     For 2014-15 the reported margin for GLS (including discontinued operations) was 7.0%.





Investor Relations

Catherine Nash

Phone: 020 7449 8183

Email: [email protected] 


Media Relations

Mish Tullar

Phone: 07423 524 154

Email: [email protected] 


Royal Mail press office out of hours: 020 3338 1007




Figures presented in this trading update are not audited. This trading update contains certain statements that constitute "forward-looking statements". Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Group or industry results to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Persons receiving this release should not place undue reliance on any forward-looking statements.


The Group disclaims any obligation or undertaking to update or revise any forward-looking statements contained in this document to reflect any change in its expectations or any change in events, conditions or circumstances on which such statements are based unless required to do so by applicable law, the Prospectus Rules, the Listing Rules or the Disclosure and Transparency Rules of the Financial Conduct Authority. 


About Royal Mail plc


Royal Mail plc is the parent company of Royal Mail Group Limited, the leading provider of postal and delivery services in the UK and the UK's designated universal postal service provider. UK Parcels, International & Letters (UKPIL) comprises the company's UK and international parcels and letters delivery businesses operating under the "Royal Mail" and "Parcelforce Worldwide" brands. Through the Royal Mail Core Network, the company delivers a one-price-goes-anywhere service on a range of parcels and letters products. Royal Mail has the capability to deliver to more than 29 million addresses in the UK, six days a week (excluding UK public holidays). Parcelforce Worldwide operates a separate UK network which collects and delivers express parcels. Royal Mail also owns General Logistics Systems (GLS) which operates one of the largest ground-based, deferred parcel delivery networks in Europe.

This information is provided by RNS
The company news service from the London Stock Exchange

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