Royal Mail has announced that group revenue in the first quarter fell 11.5% year-on-year, and that it is committed to reaching an agreement with a union, following the decision to strike yesterday.
The British parcel and letter carrier said revenue for the quarter to June 30 stood at 3 billion pounds ($3.6 billion) from $3.16 billion a year ago, reflecting the weakened retail trends, lower volumes and a return to the structural decline in letters.
Adjusted operating losses in the quarter were £92m.
Royal Mail said parcel volumes fell 15% and revenue was 15.1% lower than the previous year.
Total letter revenue was down 6.7% on the year, with non-election letter volume down 6%.
Source: Capital
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