Newly-privatised Royal Mail has announced a 12 percent rise in full-year profit, but says its business is facing tough headwinds from increasing competition. Bosses are warning that the public service it offers is not sustainable without change.
Competition fears triggered a big fall in Royal Mail shares today as the delivery firm failed to benefit from a sharp rise in annual operating profits.
Royal Mail shares were 5% lower, off 31.75p to 543p, after chief executive Moya Greene highlighted intense competition in the parcels market and warned about the impact that delivery rivals such as TNT will have on the economics of the Universal Service unless Ofcom intervenes.
The Democratic presidential candidate may also have shown his cards on his choice of running mate.
The US president also shared a post on Twitter accusing Dr Anthony Fauci of misleading the public over hydroxychloroquine.
Fears over an impending second wave of coronavirus dominates Wednesday’s front pages.