By Dearbail Jordan
Business reporter
image copyrightGetty ImagesRoyal Mail has said revenue from parcel deliveries has surpassed letters for the first time, fuelled by a surge in online shopping during the pandemic.
The postal group said turnover from parcels now makes up 60% of its total revenue, which rose by nearly 10% in the first half of its financial year.
But it was not enough to stop a sharp drop in profits, due to a number of costs including extra staff to sort the increased parcel volume by hand.
Pre-tax profit fell 90.2% to 17m.
During the six months to 27 September, Royal Mail’s increased costs included 85m related to Covid-19 as well as 147m on voluntary redundancies due to a continuing restructuring of the …
Read the full article at: https://www.bbc.com/news/business-54998908