Postal service isn’t delivering the goods

Profits at Royal Mail have more than halved.

New chief executive Rico Back pledged action to boost the privatised postal giant’s fortunes after confirming it made £33million in the six months to September 23, from £77m a year ago.

Debts jumped from £382m to £470m and the number of addressed letters sent fell another 7%.

But it still upped its interim dividend by 4%, mainly benefiting big City investors, but also postal workers.

It came after £900m was wiped off Royal Mail’s value in one day last month after Back issued a shock profit warning.

Gill Furniss, Labour’s Shadow Minister for Postal Services, said: “It’s clear privatisation has benefited Royal Mail bosses and private shareholders at the cost of consumers, workers and the public at large.”