International Distribution Services Names Martin Seidenberg as Group Chief Executive Officer

By Joe Hoppe

International Distribution Services said Thursday that it has appointed Martin Seidenberg as chief executive officer, effective from August, and its first-quarter group revenue rose 0.3% on year.
The postal service and courier company–formerly Royal Mail–said Seidenberg will be appointing CEOs for Royal Mail and GLS in due course. Seidenberg has held the role of CEO of GLS since June 2020.

Revenue for the three months ended June 30 was 3.01 billion pounds ($3.90 billion) compared with GBP3.00 billion a year earlier, reflecting a more robust addressed letter volume than expected, pricing actions and GLS unit revenue growth.
The company further backed its guidance of turning an adjusted operating profit in fiscal 2024.
IDS said parcel volume was down 10% and parcel revenue was down 8.8% compared with the prior year. Total letter revenue was up 1.7% on year, with addressed letter volume excluding elections was down 8%, reflecting pricing actions offsetting a long-term structural decline in letters.
In its GLS general logistics systems business, volumes improved 4% on year in the quarter, and revenue rose 7.4% in sterling, slightly ahead of its expectations.
Write to Joe Hoppe at joseph.hoppe@wsj.com