Shares in Royal Mail tumbled more than 15 per cent today after the company posted a shock profit warning.
The company told media that operating profit before transformation costs would be between ยฃ500m and ยฃ550mโ compared with ยฃ694m in 2017.
Chief executive Rico Black added: โTrading conditions in the UK are challenging. Our letter volumes, especially marketing mail, are impacted by ongoing structural decline, business uncertainty and GDPR.
โWhile we now expect addressed letter volume declines outside our forecast range this year, we are maintaining our medium-term guidance.โ
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