Royal Mail CEO says future is about tech innovation

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The future of the parcel and logistics business will rely heavily on investment in innovation, according to Royal Mail chief executive Moya Greene.
Speaking at Confederation of British Industry's annual conference in London, Greene said, "Our parcels business is the biggest in the British market. But we have had to learn and adapt."

"Being a 500 year-old treasured institution in the UK that's close to people's hearts, won't guarantee our survival and relevance for the next 500 years. Innovation and investment would.
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"We have had to invest in technology to make the transition from 'state of the arc to state of the art' for the long haul."

"We have built a place for ourselves in an evolving landscape and have a clear understanding that the market is fundamentally different from what it was a mere ten years ago. Over 30% of revenue from our parcels business is driven by internet retail, that's saying something about an evolving landscape," the former Canadian civil servant turned Royal Mail boss added.

Greene also said being a legacy crown corporation did not imply that Royal Mail cannot keep up with the pace of change. "While we're not an Amazon or Uber, we are looking at all technological advancements in the parcel, postage and logistics world including drones with interest, but bearing our corporate objectives in mind."

At 1250 GMT, Royal Mail shares were up 0.84% at 445.70p.