One ongoing problem is that we, Royal Mail’s customers, see the company as a national service: its red-liveried vans and helpful posties are as much as part of the fabric of British life as our NHS or helpful neighbourhood police officers.īut, as of 2015, Royal Mail is a fully privatised company with a duty to its shareholders as much as to its customers. “Inflationary pressures are threatening to unpick that progress and have reignited troubles with its work force as talks continue to avert a potential nationwide strike,” summarised AJ Bell investment director Russ Mould. “Every single penny of the £758m profit was from letter, parcel and test kits collected, processed, distributed and delivered by key postal workers, not by board members and not by shareholders but by our members,” said Terry Pullinger, the CWU’s deputy secretary general. The union points out – fairly – that Royal Mail would not make any money without its workers. Michael Gove backs Conservative leadership race 'underdog' Rishi Sunak as next Prime Minister 19 August, 2022 Sunak suggests he is losing No 10 race because he won't tell Tories what they want to hear 19 August, 2022 This weekend's cartoon: As sewage floods UK beaches, a new game for Britons 19 August, 2022 The company, which also houses the GLS unit that operates across Europe and the US, is under pressure not just from its international parcel rivals, including the likes of DPD and Amazon, but also from staff represented by the Communication Workers Union (CWU). Royal Mail reported that it was handling around 60 per cent fewer letters than at its peak in 2004-2005, and 20 per cent fewer than at the beginning of the pandemic, while its parcel volume was continuing to grow.Ĭhief executive Simon Thompson said that although more than half of those parcels are processed automatically, it has highlighted a wider need to “accelerate the transformation” of the firm to be able to compete with its parcel rivals. “We need to adapt our business to a post-pandemic world and whilst we are making progress in some areas, more needs to be done in others”.Ī large part of this transformation will mean the firm continues to pivot away from delivering letters to its more profitable parcel business. Non-Deposit Products. The securities described on this web site are not FDIC insured and are not bank deposits, obligations or guarantees.“We are at a crossroads with the transformation of Royal Mail,” he said. The viewer is exclusively responsible for conducting his or her own investigation and analysis to evaluate the merits and risks involved in any investment decision.
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