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Royal Mail reports jump in profits

Royal Mail has seen half-year profits rise, driven by higher revenue from its parcel business, in its first results since its partial privatisation.

Pre-tax profits were £233m for the six months to 29 September, up from £94m a year earlier, excluding special items.

Shares in the company have gone up by two thirds in the six weeks since they were made available to buy.

On Wednesday, Business Secretary Vince Cable, appearing before MPs, denied that the shares had been initially sold too cheaply.

Emma Simpson reports.

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