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To: maceng2 who wrote (774)	5/15/2005 1:31:36 PM
From: maceng2	Read Replies (1) of 1417

Royal Mail to pay bonuses as profits double Sun May 15, 2005 3:17 PM BST Printer Friendly \| Email Article \| RSS today.reuters.co.uk LONDON (Reuters) - The Royal Mail plans to pay staff 200 million pounds in bonuses after more than doubling 2004/2005 annual operating profits, the postal service said on Sunday. Royal Mail Chairman Allan Leighton said the company, which has axed thousands of jobs and outsourced non-core operations as part of a three-year turnaround programme, would pay 200,000 postal workers each a bonus of 1,000 pounds. "Three years ago Royal Mail was worth zero, and today it is worth around 5 billion pounds and the quality of services to customers is the best in 10 years," Leighton said in a statement. "That is why the profits we will announce will trigger a share-in-success payment of more than 200 million pounds to postmen and postwomen." An industry source told Reuters that Royal Mail would announce an operating profit of around 500 million pounds for the year to end-March 2005. The result, expected early this week, is more than double the 220 million pound profit Royal Mail delivered last year when it announced its first annual profit in four years. The Sunday Telegraph newspaper said Leighton had told senior government ministers he wanted to borrow more than 2 billion pounds to buy 51 percent of the company on behalf of staff. British newspapers said last year Leighton had won a private government pledge to partially privatise the company. However, the UK government has repeatedly denied it plans to privatise the business. A Royal Mail spokesman refused to comment.

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