ROYAL Mail has blamed strike action for helping send it slumping to a full-year loss of more than £1billion.
The group's owner, International Distributions Services (IDS), revealed Royal Mail swung to an operating loss of £1.04billion for the year to March 26, against earnings of £250million the previous year.
On an underlying basis, Royal Mail saw operating losses of £419million, against profits of £416 million the previous year.
IDS said the losses were largely down to crippling industrial action after it booked a £539million writedown on the value of Royal Mail due to the impact of strikes and the "current risk backdrop", while it took a hit of around £200million from 18 days of strikes.
This story is from the May 19, 2023 edition of Daily Record.
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This story is from the May 19, 2023 edition of Daily Record.
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