July 18, 2019 / 6:32 AM / a month ago

Royal Mail affirms FY targets, sees first quarter in line with view

FILE PHOTO: People walk past an ornate Royal Mail post box with Post Office written on it in Liverpool, Britain, November 24, 2016. REUTERS/Phil Noble

(Reuters) - Royal Mail Plc (RMG.L) said on Thursday its performance in the first quarter was in line with its expectations and re-affirmed its annual forecast in a short statement ahead of its annual general meeting.

The former British postal monopoly had said in May it would expand its parcels business internationally and reinvigorate its UK operations with further investment as part of a turnaround drive to better position itself for a future dominated by online deliveries.

At the time, it had forecast adjusted operating profit after certain costs of 300 million pounds to 340 million pounds for 2019-20.

Reporting by Shashwat Awasthi in Bengaluru; Editing by Arun Koyyur

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