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Coronavirus Delays Royal Mail 'Journey 2024' Turnaround Plan

27 Mar 2020, 19:18

https://www.nytimes.com/reuters/2020/03/27/business/27reuters-health-coronavirus-royal-mail.html

Coronavirus Delays Royal Mail 'Journey 2024' Turnaround Plan
By Reuters
March 27, 2020, 6:26 a.m. ET

(Reuters) - Britain's Royal Mail on Friday became the latest company to say the coronavirus had delayed plans for a radical turnaround and also canceled its dividend and suspended financial forecasts for the next year.

The former monopoly and one of the world's oldest postal companies last May pledged to invest 1.8 billion pounds ($2.19 billion) to transform itself into a sustainable, profitable operation by 2024. It has since been locked in negotiations with its labor union.

"Uncertainty around the length and impact of the COVID-19 pandemic, means we now believe it will take longer than expected to achieve the targets laid out in our Journey 2024 plan," the company said in a statement.

It was too early to predict accurately the financial impact from the virus-related disruptions, but it said it expected its British business to be loss-making in the financial year 2020-21 and business-to-business volumes to continue to decline.

The company, which provides letter and parcel deliveries to more than 30 million businesses and households, said it cannot rule out scaling back its services as the situation develops.

It also said volumes of advertising mail had fallen heavily since the outbreak and its international operations have seen lower volumes following restrictions in many countries, especially China, where the coronavirus began in December.

Its parcels business, however, has experienced increased activity over the last two weeks, as more people shop online to avoid public spaces because of their fear of infection.

The Royal Mail's announcement follows similar news from other major companies.

The banking group HSBC is delaying the "vast majority" of its planned redundancies to deal with the fallout from the coronavirus, a memo to staff seen by Reuters said.

Britain's BBC has also suspended plans to cut 450 jobs as it faces the demands of delivering news on the outbreak.

Following guidance from the Financial Conduct Authority and Financial Reporting Council to British companies, the Royal Mail said it will postpone its fiscal 2019-20 results, which had been scheduled for May 21.

The company has more than 800 million pounds ($973.76 million) in cash as well as a 925 million pounds credit facility.

(Reporting by Muvija M in Bengaluru; editing by Patrick Graham, Shounak Dasgupta and Barbara Lewis)

Coronavirus Delays Royal Mail 'Journey 2024' Turnaround Plan

28 Mar 2020, 18:41

Watch this space, a lot of pressure will be put on reducing the USO after the worst of coronavirus has gone in response to the decline in revenue.

Coronavirus Delays Royal Mail 'Journey 2024' Turnaround Plan

28 Mar 2020, 23:17

It shouldn`t be a big decline, the parcels will go through the roof while people are bored at home, letters are still being sent.
Rico is planning something else, maybe Uso maybe keep forcing his 2024 Journey plans on us now that we can`t strike...

Coronavirus Delays Royal Mail 'Journey 2024' Turnaround Plan

29 Mar 2020, 10:07

Has the review of the USO been postponed ? Thought a statement was due before end of March.

Coronavirus Delays Royal Mail 'Journey 2024' Turnaround Plan

30 Mar 2020, 01:18

If it helps RM with their transformation I am only too will to take voluntary reducancy....... for the good of the company you understand? :pray :pray

Coronavirus Delays Royal Mail 'Journey 2024' Turnaround Plan

30 Mar 2020, 17:17

Bollox, Rico only had 1 plan. All his eggs in a singular basket..He f****d up before corona.

Coronavirus Delays Royal Mail 'Journey 2024' Turnaround Plan

30 Mar 2020, 17:37

my f***ing heart bleeds for them :Boo hoo! , anyway if this virus hadn't come to derail his plan , the CWU and US the members would have f****d there plans up with all the national strikes :thumbup ,

Coronavirus Delays Royal Mail 'Journey 2024' Turnaround Plan

11 Apr 2020, 20:46

renrag40 wrote:If it helps RM with their transformation I am only too will to take voluntary reducancy....... for the good of the company you understand? :pray :pray

That makes 2 of us I would love to go , Ive had enough . Today was a nightmare.

Coronavirus Delays Royal Mail 'Journey 2024' Turnaround Plan

15 Apr 2020, 00:30

Hertsman001 wrote:
renrag40 wrote:If it helps RM with their transformation I am only too will to take voluntary reducancy....... for the good of the company you understand? :pray :pray

That makes 2 of us I would love to go , Ive had enough . Today was a nightmare.

Every day in delivery is a nightmare..... not helped by the total bullshit coming out of Pullinger and Ward.... our very own version of Captain Mainwaring and Mr Jones....... next time they have a meeting with Rico Back they can Squirt him with their flowers.... the pair of clowns........ oh wait a minute..... Rico isn't prepared to meet anyone from the union until the Covid19 pandemic ...... what a total f***ing joke!!!! But no one in delivery is laughing!!!

Coronavirus Delays Royal Mail 'Journey 2024' Turnaround Plan

24 Apr 2020, 12:41

Anyone read Rico’s bit in the Courier yet, starts off with what a good job and vital service we are providing but then quickly gets stuck in about how the day after this is over won’t be the same and the day before it started etc. We need to change and change quick blah blah blah, really not the time Rico.

Coronavirus Delays Royal Mail 'Journey 2024' Turnaround Plan

24 Apr 2020, 18:56

norm wrote:Watch this space, a lot of pressure will be put on reducing the USO after the worst of coronavirus has gone in response to the decline in revenue.


My thoughts exactly,they've already started telling us they're losing money even though parcels are through the roof,as you say watch this space, they've found out what relaxing the uso tastes like and they like it !!

Coronavirus Delays Royal Mail 'Journey 2024' Turnaround Plan

24 Apr 2020, 23:10

Grumpyoldmailman wrote:Anyone read Rico’s bit in the Courier yet, starts off with what a good job and vital service we are providing but then quickly gets stuck in about how the day after this is over won’t be the same and the day before it started etc. We need to change and change quick blah blah blah, really not the time Rico.

Yep can't help himself again.

Read into that what you will.

Coronavirus Delays Royal Mail 'Journey 2024' Turnaround Plan

25 Apr 2020, 01:39

Grumpyoldmailman wrote:Anyone read Rico’s bit in the Courier yet, starts off with what a good job and vital service we are providing but then quickly gets stuck in about how the day after this is over won’t be the same and the day before it started etc. We need to change and change quick blah blah blah, really not the time Rico.

Probably expects us all too die No MR Back we will out live you and strike you back and fire the furriness for a better land for all!

Coronavirus Delays Royal Mail 'Journey 2024' Turnaround Plan

26 Apr 2020, 13:40

This virus hasn't seriously impacted the company as we have still been running through the pandemic. Regardless of some staff that have had to self-isolate,we are still out there delivering d2ds and mail,and the packets have exploded. Yet they expect staff to complete regardless.

Postie's delivering in the afternoons and evenings seem particularly fed up

Coronavirus Delays Royal Mail 'Journey 2024' Turnaround Plan

26 Apr 2020, 18:49

Grumpyoldmailman wrote:Anyone read Rico’s bit in the Courier yet, starts off with what a good job and vital service we are providing but then quickly gets stuck in about how the day after this is over won’t be the same and the day before it started etc. We need to change and change quick blah blah blah, really not the time Rico.

How does he know what's going on :hmmmm he's locked himself in his luxury pad over in Europe and told everyone not to bother him until it's all over......oh and by the way it's only a bad case of flu and all we heeded to do is wash our hands! I know Rico (also known as Mr greedy) why don't you get your narcissistic arse over here and explain your thoughts on this virus to the families that have lost loved one! Explain to them your thoughts on all you need to do is wash your hands! I'm sure they will give you their thoughts on your caring behaviour? Oh and by the way postal workers have sucome to this nasty virus and all you can say on the matter is we need to change and change quickly.............you are one sick individual who shows no human morality :thumbdown :thumbdown :thumbdown :thumbdown

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