Royal Mail Q1 in line, backs FY guidance

Royal Mail said on Thursday that its first-quarter performance was in line with its expectations as it backed its outlook for 2019-20.

In a brief statement ahead of its annual general meeting, the company said: "All other targets and ambitions as set out in our financial results for the full year ended 31 March 2019, and based on the assumptions set out therein, remain unchanged."

In its full-year results back in May, Royal Mail said it expected adjusted operating profit after transformation costs of between £300m and £400m.