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| Royal Mail profits drop on parcel delivery competition | Royal Mail profits drop on parcel delivery competition |
| (35 minutes later) | |
| Royal Mail has reported a fall in half-year profits, with the company feeling the impact of competition from new parcel delivery rivals. | Royal Mail has reported a fall in half-year profits, with the company feeling the impact of competition from new parcel delivery rivals. |
| Pre-tax profits for the six months to 28 September fell to £218m, from £233m in the same period last year. | Pre-tax profits for the six months to 28 September fell to £218m, from £233m in the same period last year. |
| The company said Amazon's new delivery network had affected revenues. | The company said Amazon's new delivery network had affected revenues. |
| Royal Mail added that "unfettered" competition posed a "potential material threat" to the Universal Service, which guarantees delivery to all of the UK. | |
| It named delivery service Whistl, formerly known as TNT, as a direct threat, saying the new firm could wipe £200m off Royal Mail's revenue by 2018. | |
| Royal Mail also called for the government to reconsider the extent of its Universal Service obligations. | |
| While sounding a warning about new competitors, Royal Mail boss Moya Greene emphasised that the firm's performance remains in line with expectations. | |
| "But as always," she added, "this depends on us delivering another great Christmas, for which we are fully prepared". | |
| Royal Mail's letter business saw volumes drop by 3%, although this was not as steep a fall as had been expected. | |
| The company has been under increased public scrutiny since it was privatised in October 2013. | The company has been under increased public scrutiny since it was privatised in October 2013. |
| In July, a group of MPs voiced concerns that the taxpayer may have lost out by about £1bn after Royal Mail shares were "undervalued". | In July, a group of MPs voiced concerns that the taxpayer may have lost out by about £1bn after Royal Mail shares were "undervalued". |