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
A challenge to the decision not to take further action against Sir Cliff Richard over alleged sex offences has been dismissed.
Theodore Liang will launch his own fashion line next year while taking acting and dance classes.
A zoo is in mourning after all of its penguins were killed by an outbreak of malaria in just nine days.