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Letters/non-letters service

Letters1

Non-Letters

Total

2021

$m

%

$m

%

$m

%

Revenue

1,794.4

21.7%

6,479.3

78.3%

8,273.7

100.0%

Expenditure2

2,000.1

24.6%

6,129.0

75.4%

8,129.1

100.0%

Profit/(loss) before income tax, finance costs and share of net profits of equity-accounted investees

(205.7)

(142.3%)

350.3

242.3%

144.6

100.0%

Finance costs

(45.3)

Share of net profits of equity-accounted investees

1.4

Profit before income tax

100.7

Income tax (expense)/benefit

(31.1)

Net profit for the year

69.6

Letters1

Non-Letters

Total

2020

$m

%

$m

%

Revenue

1,996.4

26.6%

5,502.8

73.4%

7,499.2

100.0%

Expenditure2

2,230.9

30.2%

5,162.4

69.8%

7,393.3

100.0%

Profit/(loss) before income tax, finance costs and share of net profits of equity-accounted investees

(234.5)

(221.4%)

340.4

321.4%

105.9

100.0%

Finance costs

(54.2)

Share of net profits of equity-accounted investees

1.9

Profit before income tax

53.6

Income tax (expense)/benefit

(10.7)

Net profit for the year

42.9

1. Letters includes reserved letters (Revenue $1.5 billion (2020: $1.7 billion) and loss before income tax expense and share of net profits of equity-accounted investees of $60.3 million (2020: loss before income tax expense and share of net profits of equity-accounted investees of $91.0 million)), non-reserved letters (including unaddressed mail), international letters and small packets (i.e. regulated packets less than 2kg).

2. Cost allocation methodology has been updated to reflect latest assessment of cost attribution. Prior year comparatives have been restated for consistency of presentation.