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(Reuters) - Britain s Royal Mail on Thursday forecast annual profits ahead of market expectations as COVID-19 restrictions pushed parcel delivery demand to record levels and Christmas mail eased a slide in letter volumes, sending shares higher.
The third quarter saw unprecedented parcel volumes in Royal Mail, driven by online shopping and the peak Christmas period, with 496 million parcels handled, the busiest in our company s long history, Chairman Keith Williams said.
Shares in the London-listed company rose as much as 11.5% to 479 pence, hitting their highest level since October 2018.
Royal Mail underwent several changes in 2020, including the departure of former Chief Executive Rico Back after years of union resistance to his 1.8-billion-pound turnaround plan. It resolved a dispute with the union in December, allowing it to focus more on parcels. ....

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