Royal Mail reports jump in profits

Royal Mail has seen half-year profits rise, driven by higher revenue from its parcel business, in its first results since its partial privatisation.

Pre-tax profits were £233m for the six months to 29 September, up from £94m a year earlier, excluding special items.

But Royal Mail said a one-off windfall resulting from a pension reform boosted overall pre-tax profits to £1.58bn.

On Wednesday, Business Secretary Vince Cable, appearing before MPs, denied that shares had been sold too cheaply.

Read more: BBC News – Royal Mail reports jump in profits.