Royal Mail has suffered a full-year loss of more than £1 billion, leaving it trading at a loss as it recovers from the impacts of industrial action.
A 94-page document (pdf) by Royal Mail’s owner International Distributions Services (IDS), reported that the group swung to an operating loss of £1.04 billion for the year to March 26, against earnings of £250 million in 2021–2022.
IDS also revealed Royal Mail’s adjusted operating loss was £419 million against £416 million profit a year before. The report cited industrial action as the reason for the loss, in addition to an inability to deliver the in-year benefits of planned productivity improvements, lower numbers of COVID-19 test kits being returned, and a weaker online retail market….