Royal Mail looks to lift showing

Royal Mail’s new boss Rico Back has pledged action to boost the group’s performance including a review of its under-pressure UK postal network as it revealed a sharp fall in profits.

The firm reported a 27 per cent fall in pre-tax profits to £183 million for the six months to 23 September. Underlying earnings before costs of its ongoing overhaul were also sharply lower, down 25 per cent to £242m.