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The folk at Royal Mail must wince whenever Rico Back makes a delivery. There’s only ever bad news in the chief executive’s postbag.
The latest warning is that a three-year turnaround plan is in danger of being blown off course. What’s more, the UK arm of the business is expected to plunge into the red next year.
The grim outlook overshadowed what was actually a half-decent trading update. Turnover rose 3.7pc in the final nine months of the year, and the company stood by annual profit forecasts of £300m to £340m.
In an industry being upended by speedy delivery services like Amazon, Hermes and DHL, that’s a fairly tidy sum.
Still, investors are having none of it. In less than two years, the share price has staged a shocking reversal, swinging from an all-time high of 630p to a record low of 171p after another 9pc fall in early trading.
