Royal Mail has been fined £10.5m by the communications regulator Ofcom for failing to meet delivery targets for first and second-class mail in the 2023-2024 financial year. The penalty was nearly double last year’s fine of £5.6m for failing to meet obligations under the Universal Service Obligation. Under Ofcom’s standards, …
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International Distribution Services – the parent company of Royal Mail – said on Monday that subsidiary GLS has agreed to buy a 20% stake in Greek courier firm ACS Postal Services from Quest Holdings for €74m (£62m). ACS is the largest parcel carrier in the domestic Greek parcels market and …
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Landscaping and building products and supplier Marshalls reported a 13% decline in revenue for the first half on Monday, amounting to £306.7m. The FTSE 250 company said adjusted EBITDA fell 14% to £50.6m, and adjusted operating profit dropped 19% to £34m. Its adjusted profit before tax was down 20% to …
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Royal Mail parent International Distribution Services (IDS) announced on Monday that its parcel services subsidiary, GLS, would sell its US freight divisions to California-based DC Logistics. The move was part of GLS’ strategic focus on enhancing its core parcel services. According to Reuters, the divestment would include GLS US Freight …
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The new Labour government is set to look closely at the £5.3bn takeover of Royal Mail-owner International Distribution Services by Czech billionaire Daniel Kretinsky. Business secretary Jonathan Reynolds said it would be “reasonable to expect [the deal] to be called in”, as ministers had intervened when Kretinsky increased his stake …
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Royal Mail owner International Distribution Services said on Thursday that it has had to delay the publication of its full-year results – which were originally due on Thursday morning – after auditor KPMG requested additional time to complete procedures. “The group’s auditor, KPMG, has requested additional time to complete the …
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UK communications regulator Ofcom announced plans to review the nation’s universal postal service on Tuesday, as a result of the changing needs and habits of postal users. Ofcom said the universal postal service, underpinned by the Postal Services Act of 2011, mandated International Distributions Services subsidiary Royal Mail to deliver …
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Royal Mail parent International Distribution Services said on Thursday that it was still targeting an adjusted operating profit for the year, as it announced the appointment of Martin Seidenberg as its new chief executive officer. In an update for the three months to the end of June, the company said …
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Royal Mail chief executive Simon Thompson has quit after a bitter year-long dispute with the postal workers’ union, the company said on Friday. Thompson, who was in the top job for just over two years, last month finally reached a deal with the Communication Workers Union o pay and conditions …
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Royal Mail issued a threat to put its loss-making postal service into administration, it emerged on Tuesday, amid escalating talks with union chiefs. According to the Telegraph, the postal operator – part of the recently-renamed International Distributions Services – had warned unions that it could place the regulated part of …
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