Jan 19, 2017

Royal Mail shares dive as it delivers fewer letters

Shares in Royal Mail have dropped by 5% after it said letter volumes were down 6% in the nine months to 25 December. Its UK parcels business grew, helped by a better Christmas than the previous year. Overall revenues from its UK business fell in the final nine months of 2016 but its international business largely offset the decline. "We are seeing the impact of overall business uncertainty in the UK on letter volumes, in particular advertising and business letters," the company said. Royal Mail said it had delivered 2% more parcels in the nine months to Christmas day, boosting revenues from its parcels business by 3%. The company said it was on track to meet its cost-saving targets.

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