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Postal services group Royal Mail said it expected stronger performance in the second half of the year compared to first, even as parcel volumes normalises following a boost from the pandemic, and costs rise.
'The first five months saw continued revenue growth across the group, with both Royal Mail and GLS reporting higher revenues than the prior year,' the company said.
'Domestic parcel volumes are up around a third compared to pre-COVID.'
'Whilst we continue to expect further normalisation of parcel performance as we unwind from the pandemic and anticipate some upward pressure on costs, both adjusted operating profit and margin are expected to be higher in H2 compared to H1.'