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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Wall Street stocks were in the red early on Monday as market participants looked ahead to key inflation data due out later in the week. As of 1450 BST, the Dow Jones Industrial Average was down 0.33% at 39,367.84, while the S&P 500 lost 0.16% to 5,355.70 and the Nasdaq …
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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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Mobile payments and messaging technology provider Fonix Mobile reported a strong full-year financial performance in a trading update on Monday. The AIM-traded company said it exceeded market expectations, with an 18.5% increase in gross profit to £17.9m, compared to £15.1m in the prior year. Adjusted EBITDA also saw an 18.1% …
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Clean energy technology business Ceres Power said on Monday that it has inked a global long-term licence agreement for the manufacture of its proprietary solid oxide electrolyser cell technology with an original equipment manufacturer based in the Asia-Pacific region. Ceres said the agreement meant it had secured another partner with …
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Capita announced the renewal of its contract with the Cabinet Office to administer the Royal Mail Statutory Pension Scheme (RMSPS) on Tuesday, for an additional six years from 2026. The London-listed outsourcing specialist said the contract included an option to extend for a further two years, following a competitive selection …
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London stocks were set for a steady open on Wednesday as investors mulled the latest UK inflation reading. The FTSE 100 was called to open flat at 8,191. Figures released earlier by the Office for National Statistics showed that annual consumer price inflation fell to 2% in May from 2.3% …
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Britain’s next government will need to fill a shortfall of up to £33bn in the public finances unless it is prepared to push through a fresh round of severe austerity measures, a thinktank has warned. The Resolution Foundation said the debate between Labour and the Conservatives over the funding of …
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