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.