Royal Mail Warns of Material Losses as Union Moves Forward With Strike

By Jaime Llinares Taboada

Royal Mail PLC warned on Wednesday that it expects to be materially lossmaking in fiscal 2023 if a proposed strike action takes place.
The Communication Workers Union, or CWU, has told the company that it intends to call upon its members to take strike action for 24 hours on Aug. 26 and 31 and Sept. 8 and 9.

The postal service and courier company said CWU has rejected a pay increase offer of up to 5.5%.
“In the Q1 trading update published on 20 July, Royal Mail announced it was losing a million pounds a day and the proposed pay deal adds more than half a million pounds a day to that figure,” Royal Mail said.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT