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Royal Mail raises revenue target, sees annual loss on growing costs

Sept 8 (Reuters) - Royal Mail on Tuesday raised its revenue target for the current year, driven by a jump in online shopping parcel volumes, while warning of growing costs related to COVID-19 and the changing nature of its business.

Royal Mail said it expects revenue to be 75-150 million pounds higher year-on-year for the fiscal year 2020-21 under a scenario that does not assume another lockdown, compared with its previous forecast of a decline of 200-250 million pounds.

The company, however, said it continues to expect a material loss due to a spike in costs. (Reporting by Muvija M in Bengaluru)

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