Royal Mail have published their full year results for 2018/19, and announced their three to five year plan for the business.
High level summary of the results are as follows:
- Operating profit of 341 million after transformation costs
- Parcels performance grew by 8%
- Letter continues to decline by 8%
- Changes also announced on dividends and dividend policy
Some of the areas highlighted in Royal Mail's forward plan include reintroducing daily second deliveries and collecting returns from consumers.
Mark Siviter, Managing Director for Mails and Retail at Post Office gave his early reflections on the results:
“There some clear signs of growth in the parcels market and this presents a significant opportunity for us. We will continue engagement with Royal Mail to secure our future together.
“We also know today's customer are demanding and have expectations – they want control, choice, convenience and cost effective products and services.
“Royal Mail continues to lead in the competitive landscape and developing new solutions to ensure customer have different options, including digital solutions, to meet their ever changing needs is critical.
“Other operators including our key competitors such DPD and MyHermes are continuing to strengthen their physical and digital presence and they are getting more innovative in their approach.
“I see the plan being positive for us. We want Royal Mail to invest in the infrastructure so that they continue to be fit for purpose, and can defend our market position.
“Post Office continue to be the most trusted delivery location. With over 11,500 branches, we continue to provide more locations and more convenience for customers than any other operator.
“Our focus needs to be on getting the basics right and providing a great personal service which helps builds lasting relationships with customers".
Full results are available here.