Royal Mail statement

[TrueBlueTerrier]

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Royal Mail has strongly improved its performance in recent years, moving from a loss of £1 million every day to doubling of its profits in 2008-09 to £321 million in spite of declining mail volumes.

Our number one priority is to continue the modernisation of Royal Mail to secure a future for the company and to protect the Universal Service. The company is currently on track to deliver this transformation plan.

However, it is now 18 months since the Hooper process began and the need to resolve the three key issues identified - the need for fairer regulation, the need for a resolution to the large and growing legacy pension deficit, and flexible and timely access to capital - remain as urgent as before. The need to tackle all three is recognised by all our stakeholders.

Royal Mail Chairman Donald Brydon said, "Whatever the Government decides to do with its shareholding, the well understood problems of regulation and pension fund deficit will not go away. The management, for its part, is continuing to forge ahead with its modernisation plan which is unaffected by this announcement."

Ends

Issued by Royal Mail Group:
100 Victoria Embankment
LONDON
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[The FraudSquad]

http://www.news.royalmailgroup.com/news ... mail_group

Royal Mail has strongly improved its performance in recent years, moving from a loss of £1 million every day to doubling of its profits in 2008-09 to £321 million in spite of declining mail volumes.

Our number one priority is to continue the modernisation of Royal Mail to secure a future for the company and to protect the Universal Service. The company is currently on track to deliver this transformation plan.

However, it is now 18 months since the Hooper process began and the need to resolve the three key issues identified - the need for fairer regulation, the need for a resolution to the large and growing legacy pension deficit, and flexible and timely access to capital - remain as urgent as before. The need to tackle all three is recognised by all our stakeholders.

Royal Mail Chairman Donald Brydon said, "Whatever the Government decides to do with its shareholding, the well understood problems of regulation and pension fund deficit will not go away. The management, for its part, is continuing to forge ahead with its modernisation plan which is unaffected by this announcement."

Ends

Issued by Royal Mail Group:
100 Victoria Embankment
LONDON
EC4Y 0HQ
http://www.royalmailgroup.com" onclick="window.open(this.href);return false;

Two points

I wish they would stop using the term modernisation........all they are doing is costcutting

secondly there is no costcutting of management teams as far as i can see, we now have two more managers in our offices than before, so fair fair`s Donald, lets be cutting them back to the bone as well