Royal Mail shares plunge after delivering profit warning

Royal Mail shares ended 18% lower on Monday after it warned on profits in an unscheduled trading update.

The post and parcel firm said cost savings would be just £100m this year rather than the £230m forecast.

Addressed letter volume fell by 7% in the first half of the year, while productivity performance was “significantly below plan”.

Adjusted operating profit before transformation costs would be between £500m and £550m as a result.

That is significantly lower than the £694m posted last year.

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