About 2,000 jobs are set to go at Royal Mail after it admitted it had been too slow to adapt to a huge growth in parcels.

As it published its financial results for the year ending 29 March 2020, Keith Williams, interim executive chair of Royal Mail Group, said: “In recent years, our UK business has not adapted quickly enough to the changes in our marketplace of more parcels and fewer letters.

“Covid-19 has accelerated those trends, presenting additional challenges.”

Williams said a three-step plan would now be implemented, which included a proposal to restructure its management, affecting around 2,000 roles.

The Unite union said the company had failed to recognise the pace of change in the industry and it was now axing the managers needed to create a viable business future.

Mike Eatwell, Unite national lead officer, said sacking 2,000 managers also deflected attention from the real problems.

“Poor decision-making at the top of Royal Mail in the past has failed to recognise the pace in the decline in the volume of letters, and there has been a too slow investment in technology and facilities to keep abreast of the huge growth in parcels,” he said. “This scenario has been made worse by the adverse impact of coronavirus on the economy.

“This has led to this situation where Unite’s more than 6,000 members are now facing an uncertain future – it is a devastating blow for them.”

During the trading period, Royal Mail made a pre-tax profit of £180m, down from £241m the year before.