In London, Royal Mail is the biggest faller on the FTSE 250. The shares tumbled more than 12% to 202.9p after the company said its transformation is behind schedule. Royal Mail reported a fall in first-half profit before tax to £146m from £182m. Rico Back, the chief executive, warned of a tough outlook, especially for letters, even though there will be a boost from next month’s general election. The company is investing £1.8bn in an attempt to turn the business around.
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