Britain Set to Privatize Royal Mail
Take note, America
Britain is privatizing its Royal Mail postal service through a public stock offering within the next nine months.
The step is expected as the British government has been giving the Royal Mail a big overhaul in preparation for going public, including paying its whopping $6.9-billion pension fund deficit and bolstering its profit.
So far, so good. Revenue from parcel deliveries was up 13% in the last fiscal year, thanks to the growing popularity of online shopping. Overall profit climbed to $600.5 million, from $226.5 million in the previous year.