Royal Mail reports £319m half year loss
By Cat Hage | 16th November 2023
Royal Mail's parent firm, IDS, stated that the tough economy and setbacks had challenged its recovery, with half-year losses of £319m.
IDS said the adjusted operating loss figure for the six months to 24 September was 45% up on the same period a year ago.
Royal Mail has suffered setbacks over the last year, including strikes by postal workers, a cyber security incident, a fine from regulator Ofcom for missed delivery targets and the loss of its 360-year monopoly to deliver parcels from post office branches.
Martin Seidenberg became group CEO in August and took on the task of setting a new strategic direction for IDS.
Having cut costs and spending and reduced the number of projects at the group to boost its cash position, Seidenberg told journalists he was turning his focus to quality.
The company explained that lower parcel volumes and the cost of the pay settlement with the Communication Workers Union (CWU) had impacted performance.
The firm added that frontline staff, numbering over 110,000 people, could receive a £500 Christmas bonus if quality targets are met.
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