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Royal Mail hit by fall in letter demand, records £20m loss for H1
StockMarketWire.com
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The Royal Mail Group has reported a £20 million operating loss in the first half of the year, down more than 130% on the same period in 2019.
A major contributing factor to the performance was a decline in its letter delivery service within Royal Mail itself, with revenues down 20%, but its parcel operation was boosted by 33.2%.
The first half of the year was the first time parcels had out-earned letters, representing 60% of total revenue, compared with 47% in the 2019 period.
Keith Williams, interim executive chair, attributed the numbers to the growth of online shopping and parcels during the pandemic, 'combined with our increased focus on delivering more of what customers want'.
Overall group revenues were up 9.8%.
Williams added that the group, which includes GLS, had been pushing forward with its transformation in Royal Mail.
'Whilst we have done exceptionally well in terms of revenue and have seen real growth for the first time since privatisation, we have recorded a first half adjusted operating loss of £129 million after restructuring charges of £147 million, and a reported operating loss of £176 million,' he said.
At 9:33am: (LON:RMG) Royal Mail PLC share price was 0p at 274.6p
Story provided by StockMarketWire.com
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