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Royal Mail plc
Interim Financial Report for the half year ended 29 September 2013
1
Royal Mail plc
Interim Financial Report for the half year
ended 29 September 2013
Royal Mail plc
Royal Mail plc
Interim Financial Report for the half year ended 29 September 2013
2
ROYAL MAIL plc
INTERIM FINANCIAL REPORT FOR THE HALF YEAR ENDED
29 SEPTEMBER 2013
Royal Mail plc (RMG.L) today announced its results for the half year ended 29 September 2013.
Moya Greene, Chief Executive Officer, Royal Mail plc, said:
“Our first half financial performance was in line with our expectations of delivering low single digit
revenue growth and margin expansion. The combination of increasing EBITDA and moderating
investment spend underpins value creation for our shareholders.”
Financial highlights
Half year ended
29 Sept 2013
Half year ended
23 Sept 2012
Like-for-like
change1
Revenue (£m)
4,520
4,355
2%
Operating costs before transformation costs (£m)*
(4,167)
(4,091)
flat
Transformation costs (£m)
(70)
(120)
Operating profit after transformation costs (£m)*
283
144
Operating profit margin after transformation costs (%)*
- Like-for-like
5.2
3.3
+ 190bps
- Reported2
6.3
3.3
Profit before taxation (£m)
- Excluding specific items**
- Reported2
Notional earnings per share3 (pence)
- Excluding specific items**
- Reported2
233
94
1,580
113
16.8
122.0
6.1
37.7
EBITDA before transformation costs (£m)*
483
405
Free cash flow (£m)
183
218
* Before specific items.
** Reported results excluding a number of items which management believes better represent the trading and external financing of the Group.
Note 2 provides the full definition of specific items.
Key points
• Revenue growth of two per cent was driven by strong growth in parcel revenue in UKPIL and GLS,
which offset letter revenue decline. Parcel revenue now accounts for 51 per cent of Group revenue.
• Operating costs after transformation costs