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18/11/2004
Royal Mail finances show massive turnaround
The Royal Mail has achieved a precise turnaround in its financial fortunes, instead of losing £1 million a day, it is now earning £1 million a day, according to its latest figures.
The financial u-turn was revealed today when the company published figures for the first half of 2004-05 showing it had made a profit of £217 million – it is now on target to achieve a £400 million profit for the full year. Prior to its resurgence, the company had recorded losses of more than £1.7 billion in two years.
Royal Mail said that the turnaround had been achieved alongside operational changes that are "providing the basis for consistent, long-term, high-quality customer service". The company also hit 14 of its 15 service performance targets – an improvement on the seven target met from July to September.
It also emerged today that Parcelforce Worldwide’s income was up, and its losses halved.
Also published today, the latest quality of service report found that 92.1% of First Class letters arrived the day after posting during July to September – which was among the best performances in a decade and almost four points better that the 88.3% achieved in April to June 2004. Second Class mail performance in the second quarter was 98.6%, above the 98.5% target level.
Royal Mail’s chairman, Allan Leighton, said: “No one should doubt or under-estimate the scale of task we have tackled. We are delivering a massive modernisation programme, restoring profitability and driving up service to customers. Royal Mail is being transformed.
“Recently, there have been few plaudits for postmen and women but I believe they can take pride in the progress achieved since Royal Mail’s three-year renewal plan was launched 2½ years ago.
“The focus on achieving consistent, high quality service – Royal Mail’s number one priority – is showing positive results."
Adam Crozier, Chief Executive, stressed that the operational changes to introduce a single daily delivery, streamline the transport operation and improve efficiency at mail centres were now "almost complete".
Mr Crozier said: “Although we still have some way to go, I’m pleased that in the second quarter of the year, there have been significant improvements across the range of our products with significant service improvements for both large and small businesses, and for individual consumers."
(gmcg/sp)
The financial u-turn was revealed today when the company published figures for the first half of 2004-05 showing it had made a profit of £217 million – it is now on target to achieve a £400 million profit for the full year. Prior to its resurgence, the company had recorded losses of more than £1.7 billion in two years.
Royal Mail said that the turnaround had been achieved alongside operational changes that are "providing the basis for consistent, long-term, high-quality customer service". The company also hit 14 of its 15 service performance targets – an improvement on the seven target met from July to September.
It also emerged today that Parcelforce Worldwide’s income was up, and its losses halved.
Also published today, the latest quality of service report found that 92.1% of First Class letters arrived the day after posting during July to September – which was among the best performances in a decade and almost four points better that the 88.3% achieved in April to June 2004. Second Class mail performance in the second quarter was 98.6%, above the 98.5% target level.
Royal Mail’s chairman, Allan Leighton, said: “No one should doubt or under-estimate the scale of task we have tackled. We are delivering a massive modernisation programme, restoring profitability and driving up service to customers. Royal Mail is being transformed.
“Recently, there have been few plaudits for postmen and women but I believe they can take pride in the progress achieved since Royal Mail’s three-year renewal plan was launched 2½ years ago.
“The focus on achieving consistent, high quality service – Royal Mail’s number one priority – is showing positive results."
Adam Crozier, Chief Executive, stressed that the operational changes to introduce a single daily delivery, streamline the transport operation and improve efficiency at mail centres were now "almost complete".
Mr Crozier said: “Although we still have some way to go, I’m pleased that in the second quarter of the year, there have been significant improvements across the range of our products with significant service improvements for both large and small businesses, and for individual consumers."
(gmcg/sp)
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17 May 2005
Royal Mail workers benefit from record profits
Royal Mail workers are set to receive bonuses of £1,074, following the announcement of record profits of £537 million for the year 2004-05. The national mail service reported the record profits today – an increase of 144% on the £220 million profits announced in the last financial year.
Royal Mail workers benefit from record profits
Royal Mail workers are set to receive bonuses of £1,074, following the announcement of record profits of £537 million for the year 2004-05. The national mail service reported the record profits today – an increase of 144% on the £220 million profits announced in the last financial year.
17 November 2005
Royal Mail profits boosted by parcels
Royal Mail has reported a rise in profits, despite a seeing a fall in earnings in its letter business. The group reported a 20.5% increase in operating profit to £159 million for the first half of 2005/06 – a £27 million improvement on the same period the previous year.
Royal Mail profits boosted by parcels
Royal Mail has reported a rise in profits, despite a seeing a fall in earnings in its letter business. The group reported a 20.5% increase in operating profit to £159 million for the first half of 2005/06 – a £27 million improvement on the same period the previous year.
10 February 2006
Missing post costs Royal Mail £11.7m
Postal services watchdog, Postcomm, is proposing to fine Royal Mail £11.7m over "serious breaches" of its licence obligations to protect the mail and deliver it on time. Launched in 2004, the Postcomm review found that important features of Royal Mail's procedures were not being applied across the business.
Missing post costs Royal Mail £11.7m
Postal services watchdog, Postcomm, is proposing to fine Royal Mail £11.7m over "serious breaches" of its licence obligations to protect the mail and deliver it on time. Launched in 2004, the Postcomm review found that important features of Royal Mail's procedures were not being applied across the business.
27 February 2004
Royal Mail puts in 'poor' performance
The Royal Mail has performed poorly and is "unlikely" to meet any of the 15 minimum performance targets set out in its licence, according to the mail watchdog Postwatch. Postwatch said that Royal Mail’s third quarter performance was badly affected by unofficial industrial action, and would not meet its targets.
Royal Mail puts in 'poor' performance
The Royal Mail has performed poorly and is "unlikely" to meet any of the 15 minimum performance targets set out in its licence, according to the mail watchdog Postwatch. Postwatch said that Royal Mail’s third quarter performance was badly affected by unofficial industrial action, and would not meet its targets.
18 May 2006
Royal Mail receives £1.75bn government funding
The Royal Mail has received a £1.75 billion package from the government in order to help plug the deficit in the pension fund and pay for modernisation.
Royal Mail receives £1.75bn government funding
The Royal Mail has received a £1.75 billion package from the government in order to help plug the deficit in the pension fund and pay for modernisation.
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