Royal Mail owner International Distribution Services said its UK postal arm grew revenues and earnings despite soaring staff costs after the Government’s job tax hike.
IDS – bought last year by Czech billionaire Daniel Kretinsky – said Royal Mail saw underlying earnings jump to £5 million in the year to March 31, up from £2 million a year earlier, as revenues lifted 2.6% to £8.4 billion, in spite of rising national insurance contributions.
