Royal Mail: shares down 5% after in-line first-half results
(CercleFinance.com) - Royal Mail shares are down 5% on Thursday after the postal company announced in-line results for the first half of its financial year and confirmed its outlook for 2018-2019.
The postal operator said on Thursday that it has made an adjusted operating profit before transformation costs of 242 million pounds over the six months to 30 September, down 25% on an underlying basis, primarily reflecting lower revenue in the UK, poor productivity performance, as well as higher-than-expected cost pressures.
At 4.9 billion pounds, underlying revenue was up 1%.
In its statement, the group said that it has taken a range of steps to improve its performance and plans to update the market
on its strategy next year.
The March 2019 Capital Markets day will be its first since the group's IPO in 2013.
In the meantime, Royal Mail reconfirmed its commitment to its revised 100 million pounds cost cutting target and adjusted group operating profit before transformation costs of 500 million-550 million pounds for the financial year.
The shares are currently down 5% at 330.5 pence on the London Stock Exchange.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The postal operator said on Thursday that it has made an adjusted operating profit before transformation costs of 242 million pounds over the six months to 30 September, down 25% on an underlying basis, primarily reflecting lower revenue in the UK, poor productivity performance, as well as higher-than-expected cost pressures.
At 4.9 billion pounds, underlying revenue was up 1%.
In its statement, the group said that it has taken a range of steps to improve its performance and plans to update the market
on its strategy next year.
The March 2019 Capital Markets day will be its first since the group's IPO in 2013.
In the meantime, Royal Mail reconfirmed its commitment to its revised 100 million pounds cost cutting target and adjusted group operating profit before transformation costs of 500 million-550 million pounds for the financial year.
The shares are currently down 5% at 330.5 pence on the London Stock Exchange.
Copyright (c) 2018 CercleFinance.com. All rights reserved.