Royal Mail has reported a near-doubling of operating profits to £283m for the first half of its financial year amid its controversial privatisation.
In the wake of the sale of the 60% stake - which remains gripped by suggestions the taxpayer was short-changed - the newly privatised firm said rising parcel revenue and continuing cost cutting was mainly responsible for the performance.
The operating profit for the six months to September 29 was 96.5% ahead of the £144m posted in the same period a year ago, helped also by a one-off VAT credit of £35m and lower than expected transformation costs in the half.
The group said it still intended to propose a final dividend of £133m for the full-year in the wake of the £3.3bn flotation which resulted in accusations the Government sold off its stake on the cheap following a surge in the share price after the listing.
Only a few hundred staff chose not to take up their share option As Sky News reported on Tuesday the Business Secretary Vince Cable came under pressure from MPs on Wednesday to cancel a £4m bonus fee for investment bankers who led the Initial Public Offering.
But he told the Business, Innovation and Skills (BIS) Select Committee no decision had been made on whether to pay the sums, adding it could take years before a judgment is made.
The share price - which has risen by as much as 80% since the flotation - rose more than 2% on opening on the London Stock Exchange on Wednesday following the release of the results.
Vince Cable has defended the sale from accusations it was undervalued Like-for-like revenue grew 2% in the period to £4.52bn as online shopping fuelled parcel sales, which account for 51% of the group.
But it admitted the risk of industrial action was seeing business customers switch to rivals in its parcel arm, which it said could see sales volumes remain broadly flat in the nine months to the end of December.
Royal Mail and the Communication Workers Union extended a deadline for an agreement on pay and working conditions until December 3 on Tuesday, with the CWU confident of achieving a deal.
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