Analysts have reacted cautiously to Royal Mail’s year end results, which saw the group’s turnover grow 2% year-on-year but annual profit fall by more than a third (37%). Brokerage Jefferies said the group was underperforming and estimated operating expenses would remain stable at best despite a cost drive. It added that much of the business’s future cost avoidance target of £230m rested on the success of a trial of a reduced working week agreed in the new pay and pensions […]
Royal Mail has revealed that its UK operation saw a 2% year-on-year decline in turnover in the first quarter of its financial year, just a day after reports that the company submitted an objection to an ongoing Ofcom investigation into its pricing regulations emerged.
Royal Mail’s “astonishing reversal of fortunes” after the online shopping surge during the pandemic means it expects to make an adjusted operating profit of £700m, more than double last year’s £325m.
Royal Mail has said there are “no grounds” for the strike action its employees voted in favour of yesterday, as tensions over a range of issues including pensions came to a head.