Royal Mail blames strikes for £419m full-year loss

Royal Mail posted an annual adjusted operating loss of £419 million, its parent International Distributions Services has said, after a year marred by strikes.

The results showed that the wider group, which includes Royal Mail UK and GLS, its international operation, reported an adjusted operating loss of £71 million for the year ended March 26, compared with a profit of £758 million a year earlier. Analysts had expected a loss of about £114 million.

The company said the losses at Royal Mail had been caused by postal strikes over pay, inability to deliver the benefits of planned productivity improvements, lower test kit volumes as the pandemic receded and a weaker online retail market. It said this had been “partly offset” by cuts to the business