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Royal Mail is set to post a first-half loss on Thursday after a collapse in letter volumes caused by the pandemic.
Analysts are forecasting a post-tax loss of £65m for the six months ended September, compared with a £111m profit the year before, as booming parcel deliveries fail to make up for crashing letter volumes. Revenues are tipped to rise 8% to £5.6bn, helped by its profitable overseas parcel division, GLS.
Royal Mail is seeking a permanent replacement for chief executive Rico Back, who was ousted in May amid a breakdown in relations with unions. Interim executive chairman Keith Williams wants a cost-cutting deal with unions, which could see daily deliveries reduced, and more technology used by posties.
It is under pressure from shareholders including
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