Financial results 2007/08
We are announcing our financial results today for the year ending 30
March 2008 and wanted to share the headlines with you.
It has been a difficult year where we have had to make some difficult
decisions and we have seen the overall decline in the letters market
drive our profits down.
Overall, external revenues grew slightly (up 2.3%) at £9,388m.
In an increasingly difficult marketplace our overall operating profit
Was down 30.4% at £162m (although this was better than expectations).
Royal Mail Letters saw its profits come under pressure from full
competition and a sharp decline in mails volumes, recording a loss of
£3m.
For the first time ever, the Universal Service made a loss - of around
£100m - and all of our regulated products made a loss totalling £200m.
GLS and Parcelforce Worldwide made profits of a similar level to last
Year - £114m and £8m respectively.
Post Office made a loss of £34m but this was £74m better than last year mainly because of the Social Network Payment from Government.
The company made a cash contribution to the Pension Plan of over £800m in the year.
Since the Group has beaten its profit target we are delighted to
Confirm that we will be paying the Group element of the ColleagueShare dividend for 2007/08.
During the year we have faced significant difficulties - not least the industrial action - but have achieved a landmark agreement on pay,
Pensions and modernisation. This is helping to put us in a much stronger position to tackle the tough market conditions we face.
ANNOUNCEMENT : ALL OF ROYAL MAIL'S EMPLOYMENT POLICIES (AGREEMENTS) AT A GLANCE (Updated 2021)... HERE
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FINANCIAL RESULTS FROM ROYAL MAIL VIEW
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dvbuk55
- EX ROYAL MAIL
- Posts: 16650
- Joined: 02 Jun 2007, 19:17
- Gender: Male
I'm not sure how they can separate the financial cost of the USO from all the other costs when we have such a diverse product.
For more than a year we have been asking for a level playing field and suddenly the powers that be have recognised we are shouldering the burden of delivery/uso for all those who have been allowed to enter the market - offering OUR services more cheaply than we can.
Anyone with half a brain could see the problems ahead except those who are paid to steer the ship. Pity the CWU leadership didn't use the political fund to finance a campaign highlighting the dangers to the general public instead of financing a failing political party. If they didn't actively support Labour so shamefacedly they may have a more believable platform to campaign from.
For more than a year we have been asking for a level playing field and suddenly the powers that be have recognised we are shouldering the burden of delivery/uso for all those who have been allowed to enter the market - offering OUR services more cheaply than we can.
Anyone with half a brain could see the problems ahead except those who are paid to steer the ship. Pity the CWU leadership didn't use the political fund to finance a campaign highlighting the dangers to the general public instead of financing a failing political party. If they didn't actively support Labour so shamefacedly they may have a more believable platform to campaign from.