Rumours or not

[Phantom]

More overtime than you can shake a stick at, at my DO.

Loads of agency staff, untrained, not scanning, door stepping parcels etc.

Absolute shambles!!!

[Flashman_]

Well they are still spending vast amounts on Agency staff in my office, however did not seem to have any in on Monday.

[ashmeister77]

I worked my day off today

[Kenfandango]

We have loads of unmanned walks, managers begging us to do overtime (I say begging, I mean pretending they're doing us a favour by offering it to us then being visibly annoyed when we say no...)
Also have tons of agency, who are doing very little to make a dent in the backlog and spend a lot of time telling us how they had their money money reduced to what we are on, refused to work for it and so are now on a lot more.
So that's nice, glad to see withholding of labour still works

[richj2009]

There is not a chance in hell 1400 is coming our way end of September. How any board interested in the future would give away what they have will absolutely not part ways with cash to us, the least important members of this revolting company.

[rubberbond]

Doesn't this rumour start every summer RM are always looking to save while volumes are low and it was very low today

Not where I work it wasn’t , we were as busy as a bunny in spring.

[qwerty2]

Doesn't this rumour start every summer RM are always looking to save while volumes are low and it was very low today

Not where I work it wasn’t , we were as busy as a bunny in spring.

More parcels and pkts than usual

[postslippete]

Doesn't this rumour start every summer RM are always looking to save while volumes are low and it was very low today

Yes it does.
Revenue levels are very low during the summer but costs are fixed so we tend to have a cash flow crisis every summer.

However from what I'm hearing following last year's particularly bad results this summer is really bad.

I believe this is the real reason behind the delay in paying the lump sum, the business just does not have the available cash.

Insolvency is unlikely but the usual penny pinching on everything from overtime to elastic bands has already started.

Maybe they could get rid of the fixed costs related to exorbitant executive pay? Royal Mail have got rid of one of its CEOs, Simon Thompson, but will he return any of his £700,000 pay-off back? The Chief financial officer Mick Jeavons, also earned £1.3 million in 2022 and holds over a million quid in Royal Mail shares, whilst Martin Seidenberg CEO of GLS pocketed £1.6 million. Their pay deals can only be justified on the grounds that Royal Mail/IDS had seen several years of bumper profits (before strike year).

Royal Mail said that they were losing a million quid a day during the strikes but they never ever mentioned the fact that Royal Mail recorded an aggregate profit of over £1.7bn from the last three years preceding that or how over a billion pounds in dividends have been paid to shareholders. This is a profitable business which has consistently been rewarding shareholders and investing hundreds of millions to expand.

The business has the capital but they are just holding on to their money like the greedy vultures they are. Insolvency was never on the cards - it was being used as an excuse so that they could deliberately run the USO down and make all sorts of changes to save even more money.

[LouBarlow]

There is not a chance in hell 1400 is coming our way end of September. How any board interested in the future would give away what they have will absolutely not part ways with cash to us, the least important members of this revolting company.

What are you basing this on, considering we have a binding contract that clearly states this will be happening? You can’t just pull statements out of your arse without justifying them.

[robking]

I more or less agree with every word of that Pete.
The company's borrowings are still very low and there is plenty of capital available, administration was never going to happen, it might have done if they had separated the loss making letters side, syphoned off all the profitable parcels into GLS and created two entirely separate companies.
But there would be one mighty stewards inquiry going on in Whitehall if they tried to do that.

[TopperGas]

The first quarter results are out on Thursday, so we'll find out then.
My feeling is that whilst the group is still losing money, losses are lower than last year. This seems to be borne out by the share price which is currently £2.60 up 11.5p today that's 4.63% against the overall FTSE 250 index which is up 1.13%.

The share price just reflects buyers demands, if they are buying because they think the end of IA is good news they might well get caught out when RM announce the next results on Thursday. Somethings clearly prompted RM to lay off most of the agency staff and cut o/t to zero.

[TopperGas]

There is not a chance in hell 1400 is coming our way end of September. How any board interested in the future would give away what they have will absolutely not part ways with cash to us, the least important members of this revolting company.

Given the £900 part is just sat in the pension escrow account it's of no benefit to RM keeping hold of that sum, although paying out the £500 part is a different issue!

[richj2009]

There is not a chance in hell 1400 is coming our way end of September. How any board interested in the future would give away what they have will absolutely not part ways with cash to us, the least important members of this revolting company.

What are you basing this on, considering we have a binding contract that clearly states this will be happening? You can’t just pull statements out of your arse without justifying them.

They clearly state within the agreement the next payroll the 500 will be paid. That has been abandoned. They also said that we would no longer be doing oversize in respect of extra loops. We now have oversize back in our office. They lie and lie again. I simply don't trust a single thing this company announces. Not to mention the honouring of uso, also stated within the actual agreement, when multiple duties are failing every single day. The issues surrounding Rm finances pave the way for the payment to be halted to prevent the Business collapsing. Hope I'm wrong.

[mattick]

Maybe there is an element of truth in this. RM pushing through the new sick policy before the ballot was closed. Dave Ward himself saying RM should move to a 5 day week. All this is desperation to save cash.

Be interesting either way, if the government doesn’t step in, we’ll be the only developed nation in the world without a postal service. Also good luck getting parcels in remote parts of the country

[ddtc]

Sorry team but we want to make sure you still have a job, so we have made the hard decision of keeping the £1400 and using it to turn the business around.