Royal Mail has reported a 33% fall in annual profits and warned that market conditions remain “challenging” despite rising parcel volumes.
It said pre-tax profits for the year to the end of March were £267m compared with £400m a year earlier.
Royal Mail chief executive Moya Greene said: “We have delivered a resilient performance in challenging markets.”
UK revenue fell 1% to £7.6bn from £7.7bn a year earlier as letter volumes and revenue fell by 3% and 2%.
UK parcel volumes grew 3%, but revenue was only 1% higher.