© Reuters. FILE PHOTO: The logo of Royal Mail is seen outside the Mount Pleasant Sorting Office as a delivery vehicle arrives, in London, Britain, June 25, 2020. REUTERS/John Sibley
(Reuters) – Britain’s Royal Mail (LON:) expects to cut 700 managerial jobs as part of a reorganisation plan, the company said on Tuesday, and lowered its profit outlook for the year due to restructuring costs.
Royal Mail’s UK business now expects adjusted operating profit of around 430 million pounds ($579.21 million), from an earlier forecast of 500 million pounds.
($1 = 0.7424 pounds)
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