May 22, 2019 / 6:22 AM / 5 months ago

Royal Mail to cut dividend, ramp up UK investment

May 22 (Reuters) - Royal Mail Plc on Wednesday slashed its dividend by 40% and said it would invest a further 1.8 billion pounds ($2.29 billion) in its UK postal service over the next five years in hopes of turning the business around.

The former British monopoly said it would pay an annual dividend 15 pence per share in 2019-20, compared with the 25 pence paid in 2018-19.

It also forecast adjusted operating profit after certain costs of 300 million pounds to 340 million pounds for 2019-20, much lower than the 411 million pounds reported for the year to March 31. ($1 = 0.7876 pounds) (Reporting by Shashwat Awasthi in Bengaluru; editing by Gopakumar Warrier)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below