RMG Royal Mail Plc

By Sabela Ojea

Royal Mail PLC on Thursday reported a rise in pretax profit for the first half of fiscal 2022 and said that it is launching a share buyback program.

The British letter-and-parcel courier posted a pretax profit for the six months ended Sept. 26 of 315 million pounds ($424.9 million) compared with GBP17 million for the same period a year earlier.

Adjusted operating profit--the company's preferred metric, which strips out exceptional and other one-off items-- was GBP404 million compared with GBP37 million for the year-prior period. Adjusted operating profit is anticipated to rise to around GBP500 million for the full year, Royal Mail said.

Revenue for the half year was GBP6.07 billion, up from GBP5.67 billion the year before.

Regarding the share buyback program, the company said it is buying back its own shares for an aggregate purchase price of up to GBP200 million.

"In common with many businesses the group continues to face challenges caused by the Covid-19 pandemic recovery and the end of the implementation period following the U.K.'s departure from the European Union which have resulted in disruption to global supply chains," the London-listed company said.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

November 18, 2021 02:41 ET (07:41 GMT)

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