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U.K.’s Royal Mail Not Yet Prepared for Privatization, FT Says

June 30 (Bloomberg) -- Royal Mail Group is uprepared to be taken private even as earnings improve, the Financial Times reported, citing Chief Executive Officer Moya Greene.

The Government-backed mail operator posted an operating profit of 23 million pounds ($36.1 million) and revenue of 7.2 billion pounds in the year ended March 25 in its letters and parcels unit, the FT said.

The unit posted a loss of 120 million pounds in the year before, the FT said. Royal Mail has more to achieve before being “worthy of outside capital,” the FT said, citing Greene.

To contact the reporters on this story: Ambereen Choudhury in London at achoudhury@bloomberg.net

To contact the editors responsible for this story: Edward Evans in London at at eevans3@bloomberg.net

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