Newly-privatised Royal Mail has announced a 12 percent rise in full-year profit, but says its business is facing tough headwinds from increasing competition.
ITV News Business Editor Joel Hills reports:
Royal Mail reports profit of £671m but parcel volumes flat, letter volumes fall + there's a warning about future of the universal service.
Royal Mail is no longer the only company delivering letters. It warns its struggling to make money + deliver six days a week, nationwide.
The postal firm said operating profit before transformation costs rose to 671 million pounds in the year to March 30, in line with a company compiled consensus forecast.
Group revenue rose 2 percent to 9.46 billion pounds, with a 7 percent rise in parcel sales offsetting a 2 percent fall in UK letter sales.
More top news
Billionaire Microsoft co-founder Paul Allen has claimed discovery of the Japanese battleship Musashi that was sunk by the US Navy in 1945.
Friday will be mostly dry with sunny spells for much of the UK. Temperatures will be mild across the country.
Some famous Liberal Democrat names will be fighting for their political lives in the election, now just over two months away.