Royal Mail warns market remains ‘challenging’ as profits fall 33%

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.

89736069_89736068Royal 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.

Read more: Royal Mail warns market remains ‘challenging’ – BBC News