Royal Mail profit falls, expects letter volume decline
May 18 Royal Mail reported a fall in annual profit on Thursday and warned the drop in letter volumes this year would be at the high end of a previous estimate if business uncertainty persists.
The former monopoly said adjusted operating profit before transformation costs fell 6 percent to 712 million pounds ($922 million) in the year to March 26, toward the top end of a company-compiled consensus of 681 million to 719 million pounds.
Royal Mail reiterated its forecast that addressed letter volume would decline by 4 to 6 percent per year, excluding the impact of political parties' election mailings.
The decline would be at the higher of the end in the current financial year if business uncertainty persisted, it said.
($1 = 0.7720 pounds)