PRIVATE speculators are “destroying” Royal Mail through their attempts to trouser maximum profits, posties said yesterday.

The privatised postal company reported that its pre-tax profits tumbled 30 per cent to £77 million, down from £110m last year.

But Royal Mail, which is facing a threat of strikes from CWU members over changes to pensions and working terms, said the “industrial relations environment” could knock its performance for the second half of the year.

The post operator said its profit had climbed by 7 per cent to a huge £323m once “transformation” costs were discounted. Its revenues also rose by 2 per cent to £4.8 billion.

Royal Mail’s £1.9m chief executive Moya Greene said: “Our investment in our business is paying off. We have won new parcels business; volumes were up 6 per cent. There was a resilient letters performance.”

But the CWU, which was prevented from striking last month after bosses secured a court injunction, said the privatisation of the service was running it into the ground.

CWU general secretary Dave Ward said: “The privatisation of Royal Mail has never has never looked more ridiculous that it does today.

“The half-year results see a record £68m go to private shareholders at the same time postal workers are under more pressure than ever to work harder, faster and cheaper.

“The union argues the scrapping of the company’s defined-benefit pension scheme is a betrayal of promises made during the 2013 sell-off. They are also hoping to secure a shorter working week.

“The court injunction forced the union to seek further conciliation talks — in spite of 89 per cent of members backing strikes, on a 74 per cent turnout.

“But its mandate for industrial action remains live, and strikes are still likely if bosses do not back down.”

CWU deputy leader Terry Pullinger said it was “easy to blame trade unions” but said it was the profiteers who were “destroying the Royal Mail.”

Mr Ward added: “The CWU will be working with the Labour Party in the coming months to ensure that when a change of government takes place, returning Royal Mail to public ownership is a priority.”