Royal Mail: More layoffs than 5,000-6,000 planned if strike goes ahead
International Distribution Services PLC said Friday that its U.K. division Royal Mail swung to an adjusted operating loss for the first half of fiscal 2023, mostly due to the effect of three days of industrial action.
The company IDS, -12.40% said that Royal Mail’s adjusted operating loss for the six month period ended in September was 219 million pounds compared with an adjusted operating profit of GBP235 million for the first half of fiscal 2022. This included a GBP70 million of direct negative impacts stemming from three days of industrial action, it said.
“This may increase to around a GBP450 million loss if customers move volume away for longer periods following the initial disruption,” it said. The company said that the loss for the full year would materially increase and it might require “further operational restructuring and headcount reduction” if the Communication Workers Union proceeds with the 16 days of industrial action announced.
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