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 rollercoaster has reportedly come off the rails at a theme park in Scotland.
"I saw a lot of smoke come out from the tail-end of the aircraft. I wondered if it was normal, whether it was just exhaust fumes."
The House of Commons Petitions Committee has said they will keep an eye on the petition and are concerned about fraudulent signatures.