RM nets 1m a day (and it's STILL closing post offices)

[TrueBlueTerrier]

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Royal Mail nets £1m a day (and it's STILL closing post offices)

Royal Mail has admitted to making profits of more than £900,000 a day even as it was in the process of shutting thousands of post offices.

The state-owned firm revealed yesterday that it made £255million in just nine months - and total annual profits are on course to be double last year's figure.

Its programme to axe 2,500 post offices in villages, towns and cities is near to completion, despite fierce campaigns opposing the closures.

But despite this controversy, the latest figures will put chief executive Adam Crozier and other senior staff in line for six figure bonuses.

Mr Crozier is already one of the highest- earning civil servants in Britain and last year secured a pay package of more than £3million - described by unions as 'immoral'.

Royal Mail's profits will surely anger customers who are having to wait for up to 30 minutes to be served in post offices because of the closures.

So far 2,200 branches have closed since the year 2000 and the Government has earmarked another 300 to be shut by March.

Yesterday, the company revealed that for the first time since 1991, its letters business, post office network, Parcelforce and the group's European parcels business were all in profit.

In the nine months since April 2008 it made more than £930,000 a day.

Despite the economic downturn and a reduction in mail as letter writers switch to email, group turnover in the nine months rose by almost 3 per cent to £7.2billion.

Royal Mail said annual profits were on course to double last year's figure.

But it warned that the number of items posted in the UK was expected to fall by 7 per cent over the next year, putting the loss-making one price letter delivery to the whole of Britain 'under threat'.

Mr Crozier said the company would need to 'access further investment in a timely and flexible way as we compete increasingly with electronic communications as well as with other postal operators, while at the same time dealing with the effects of the current economic recession'.

Unions criticised the profits saying that staff and customers had suffered from the closures.

Dave Ward, deputy general secretary of the Communication Workers' Union, said: 'Royal Mail is again giving us mixed messages on its financial health.

'These results must not come at the cost of cutbacks in services, terms and conditions for staff and post office closures. Future services and standards must at least be retained if not expanded to ensure consumer confidence.'

The figures come a day after MPs were told Royal Mail's 'missed parcels service' was third class.

Richard Hooper, the former civil servant who led a review into the postal service, said senders of mail tend to get a better deal than recipients.

He said it should be possible to pick up packages from the local post office, rather than having to trek to the delivery office.

[pocky20]

then if rm are makeing that much money they sould not ned to sell of any thing or sell out to tnt do one mandelson :mfo

[greynut]

When we were losing £1 million (Oh really !!) we had to have massive cuts, job losses, revisions and so forth.

Now we are making £1 million a day does that mean that this policy of cutbacks and job losses just to line Croziers pockets will stop and we can start to feel safe in our jobs for a while.

I mean Adam me old mate, we are making lots of money in a recession/credit crunch. We are putting the banks to shame. What do you say???

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[pocky20]

well said greynut we dont need tnt or to sell of to any one for that mater :mfo