LONDON May 22 Britain's Royal Mail, at
the centre of a political storm over its privatisation, posted a
12 percent rise in full-year profit on Thursday, and said its
business was facing tough headwinds from increasing competition.
The postal firm said operating profit before transformation
costs rose to 671 million pounds in the year to March 30, in
line with a company compiled consensus forecast. Group revenue
rose 2 percent to 9.46 billion pounds, with a 7 percent rise in
parcel sales offsetting a 2 percent fall in UK letter sales.
The privatisation of Royal Mail has been heavily criticised
for short-changing the British taxpayer, with shares in the firm
rocketing as much as 87 percent above the 330 pence price
ministers sold a 60 percent stake for last October.
(Reporting by Neil Maidment; editing by Kate Holton)