Royal Mail (LON:RMG) reported a small rise in revenues on Tuesday, on the back of continued parcel volume growth and a strong performance from its international business.
The group reported a 1 percent rise in underlying first-quarter revenue, despite a 7 percent fall in revenue from letters.
Its international logistics business, GLS, reported a strong performance, with revenue up 11 percent.
“Overall, our trading performance in the first three months of the financial year was in line with our expectations,” Royal Mail said. The company have been struggling over recent years with the decline in letter posting, as well as competition from other couriers.
“Our outlook and other guidance are also unchanged from that set out in our financial report for the full year ended 25 March 2018,” they said.
The news comes ahead of the company’s annual general meeting (AGM) on Thursday, after shareholder advisory firms such as ISS recommended that investors vote against the firm’s remuneration plans.
Shareholders have been unhappy with the proposed remuneration package for incoming chief executive Rico Back, which will be 16.8 per cent higher than that of outgoing boss Moya Greene.
Shares in Royal Mail are currently up 3.16 percent at 496.00 (0921GMT).
