- The Christmas period and UK general election proved a busy time for Royal Mail, which has said its adjusted operating profit for 2019-20 is expected to be £300-340 million.

UKPIL revenue grew 1% (2.1% working day adjusted) as parcel revenue growth more than offset the decline in letters for the nine month period to December 29, 2019.

Total UK parcel volumes were up 3% (4% working day adjusted), and revenue increased by 3.7% (4.9% working day adjusted) for the period.

Total letter revenue decreased by 1.5% (0.4% working day adjusted). It benefited from targeted price rises from January 2019, the European Parliamentary Election in May and the UK General Election in December.

GLS continued to perform well, with revenue growth of 11.1% (7.3% excluding acquisitions).

Canadian business, Dicom, continued to perform in line with expectations. The turnaround of the US business remains in line with Royal Mail's plan for this year.

In Europe, revenue growth was driven by strong performances in Germany, Belgium and Eastern European markets.

The Group also said it has set aside a £1.8 billion investment to modernise and grow in the UK following the announcement from CWU that it has issued a timeline for a ballot of its members for industrial action.

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