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UK-based global postal service and courier firm Royal Mail plc (LON: RMG) has been in the spotlight recently due to its services being affected by Covid-related staff shortages. The company has been apologising for the delivery issues, but people are highly frustrated.
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Delivery delays due to Covid
A rise in Covid infections has yet again created staffing issues for Royal mail. The sick staff has been getting isolated to avoid any further rise in infections, but this has been creating staff shortages for the company, leading to delays in deliveries. Due to the absence of enough staff, postal services have been impacted in many UK regions. Recently, several people in Kettering had been waiting for their posts and parcels, but didn’t receive them, leading to a solid backlash for Royal Mail.
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Some people haven’t been receiving their posts and parcels for weeks, and some didn’t even get important letters from hospitals. These delays have not been witnessed across the town, but Royal Mail has apologised for the gaps in the deliveries in Kettering. The company has reportedly been working hard to resolve all issues related to delayed deliveries and is aiming to bring the level of service back to normalcy. Royal Mail has asked people to share the problems they are facing so that they can be fixed as soon as possible.
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In September 2021, Royal Mail had faced similar issues related to delivery delays, for which it had similarly blamed covid-related staff shortfalls. The performance of the company has thus been impacted by the pandemic. Let’s look at the share price performance of Royal Mail.
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Royal Mail’s share price performance
Delivering posts and parcels in the UK for more than 500 years, Royal Mail has been trading on London Stock Exchange’s main market since October 2013. The company, which is a constituent of the FTSE 100 index, has not been performing well lately, with both its returns on one-year basis and year-to-date basis being negative as of 21 April 2022, standing at -32.08% and -33.04%, respectively.
The market cap of the company stands at £3,239.58 million as of 21 April 2022. Shares in Royal mail were up by 0.41% as the market opened at around 8:00 AM (GMT +1) on 21 April 2022, at GBX 340.70.
