Royal Mail lowers guidance as it cuts 700 manager jobs

British postal carrier Royal Mail is axing 700 managers at a cost of £70m, the company said on Tuesday as it lowered its annual profit outlook.
Royal Mail’s UK business now expected adjusted operating profit of around £430m compared with an earlier forecast of £500m. The company also revealed 15,000 staff had been off work due to the Omicron covid variant, which has caused delays to deliveries across the UK.