October 1, 2018 / 2:53 PM / 3 months ago

Britain's Royal Mail delivers warning on profit and costs

Oct 1 (Reuters) - Royal Mail on Monday cut its cost-savings target and forecast lower full-year profit.

The UK post and parcels company also forecast a drop in adjusted operating profit before transformation costs to between 500 million pounds ($653 million) and 550 million pounds, compared with last year’s 694 million pounds.

Cost savings in 2018-19 would come in at 100 million pounds, compared with its previous forecast of 230 million pounds, Royal Mail said in an unscheduled trading statement. ($1 = 0.7658 pounds) (Reporting by Justin George Varghese in Bengaluru Editing by David Goodman)

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