Property sales totalling £161m at Royal Mail Group helped pre-tax profit to more than treble to £187m.
The post and parcels operator has attributed the sale of Rathbone Place, W1, to Great Portland Estates, as making up the bulk of £161m made from property disposals in the half-year to 25 September.
Moya Greene, chief executive of Royal Mail, said: “Our profits were boosted by one-off property (£161m) and business (£29m) disposals of £190m.”
During the period, pre-tax profit jumped to £187m, compared to £50m in the same period last year.
Further disposals are planned, with Royal Mail looking to axe around half of its 64 distribution centres by 2016.
joanna.bourke@estatesgazette.com
