Royal Mail Group announced its results on 22 May. As ever, it is vital to distinguish the successful domestic mails business from the troubled wider group.
The UK mails business ('Royal Mail') made a £66m profit in the year to March 2003, up on the year before.
But in the wider group - which Postcomm does not regulate - Parcelforce lost £187m and Post Office Counters lost £209m.
Finally, other businesses made £103m, there was a positive (!) pensions adjustment of £246m, exceptional items of £-697 and a number of small adjustments (+£67m), all of which created the group's headline loss of £611m.
