The poor performance led International Distributions Services (IDS), which owns Royal Mail, to report an overall loss of £748m for the year to 26 March. That compares with a profit of £577m a year earlier.
IDS said Royal Mail swung to a loss "due to industrial action" by unionised staff over pay and working conditions that eventually led to the resignation of its chief executive, Simon Thompson, last week, as well as an "inability to deliver the in-year benefits of planned productivity improvements".
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