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Britain's Royal Mail warns over competition

A Royal Mail delivery van is pictured in Fleet, in southern England, on December 16, 2008Britain’s part-privatised postal operator Royal Mail warned Thursday that it faced fierce competition, sending its share price slumping despite rising annual profits. Shares dived more than seven percent, topping the fallers board on the London stock market, but still holding far above the price of last year’s controversial flotation. We are taking steps to remain the leader in this growing market,” chief executive Moya Greene said in the earnings statement. Net profit more than doubled to £1.28 billion ($2.15 billion, 1.58 billion euros) in the financial year to the end of March, Royal Mail said in a results statement.

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