Royal Mail half-year profits tumble

© Gorgios

Royal Mail’s half-year profits dropped by almost a third, with its UK arm flailing as efforts to reach a deal with unions over pay and pensions drag on. The Independent reports that pre-tax profits dropped 30% to £77m, leaving the service reliant on a bumper festive period to correct the situation. But a strong performance from European parcel delivery subsidiary General Logistics Systems helped secure a 2% increase in group revenues to £4.8bn.