Profits at Royal Mail rose by more than a quarter in 2009 when compared to 2008, new figures show.

Profits at parcel delivery and letter firm Royal Mail rose by more than a quarter in 2009, new figures from the company show.

The total rise was 26 per cent and saw the firm post profits of £404 million, compared to the £83 million seen in 2008. Much of the increase is down to the cost cutting measures which the firm put in place to try and cope with the impact of the financial downturn.

According to the Royal Mail figures, its revenues for 2009 stood at £9.4 billion.

Talking about 2009 specifically, the firm said that due to the recession, many people had begun to use its second class parcel and letter delivery service, rather than the first. However, Royal Mail Letters individual profit stood at £121 million, more than double that of the previous year.

The new coalition government has recently revealed plans to partly privatise some of Royal Mail's operations.

Posted by Tom Sands.

Article Added: 21/05/2010 10:04:33