Big news for Royal Mail as they bounce back to profit for the first time in three years, marking a fantastic turnaround. After facing significant challenges and a turbulent period, the postal giant has posted underlying earnings of £12 million for the year, despite past losses of £336 million! The takeover by Czech billionaire Daniel Kretinsky’s EP Group seems to have been a game-changer.
Even with the ups and downs, like hefty redundancy costs keeping them slightly in the red, this progress signals a promising future. The entire group, including sister company GLS, reported earnings of £278 million, leaving last year’s losses in the dust.
A significant milestone reached this year was Royal Mail’s historic leap into foreign ownership for the first time in over 500 years. Alongside this came regulatory changes approved by Ofcom, enabling Royal Mail to tweak its delivery services and boost efficiency. From July 28, say goodbye to Saturday second class letter deliveries as they shift to every other weekday—a strategic move aiming to enhance service.
Expect exciting changes as Royal Mail rolls out these updated services and invests in expanding its network of postal lockers by 70%, reaching about 24,000 locations! GLS isn’t lagging either, doubling the size of its own locker network.
Under EP Group’s leadership, further investments in an extensive out-of-home network are on the horizon to meet evolving customer demands globally.
CEO Martin Seidenberg expressed optimism, stating, “It’s a year of transformation for us. The return to profit highlights the beginning of a new era, and we’re ready to drive forward with our plans.”
Stay tuned as we watch how these changes unfold and continue shaping the future of mail delivery in the UK and beyond!📮📦✨