LONDON (dpa-AFX) - Royal Mail Plc (RMG.L) Wednesday said its revenue in the first quarter declined 11.5% to 1.883 billion pounds from 2.126 billion pounds in the same quarter a year ago, primarily due to post-pandemic decline in parcel volumes.
Decline in Group revenue was 5.1% at 2.998 billion pounds compared with 3.158 billion pounds last year, on 7.8% growth in General Logistics Systems (GLV) revenue.
The company reported an adjusted operating loss of 92 million pounds for the quarter.
Looking forward to the full year, Royal Mail said,' weaker parcels market and lower than anticipated efficiency savings in-year. Provided progress can be made on above actions, now likely to be around breakeven at adjusted operating profit level, excluding any impact from industrial action.'
Additionally, the company announced its decision to rename the holding company Royal Mail plc to International Distributions Services plc to reflect the group structure of two separate companies, Royal Mail and GLS.
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