Why have the Royal Mail's profits gone down?

Royal Mail’s profits fell from £180 million in 2009 to £39 million in 2010, a drop of around 78%.

That sounds pretty disastrous, and is one of the reasons given for the impending privatisation of the company.

However, when you start to look more closely at the figures you begin to realise that all is not what it seems.

Read more here.