Royal Mail struggles to revamp business as it moves to parcel deliveries

Royal Mail is trying to revamp its business as it moves away from delivering letters - which is no longer profitable - to parcel deliveries, which is a growing market thanks to the popularity of online shopping.

This month, Royal Mail has tried to deal with problems caused by a cyber-attack, which made it unable to send letters and parcels overseas, as well as dealing with the ongoing dispute with the CWU.

The Communication Workers Union CWU is having a dispute with the union since the summer, and the union has said it will reballot for industrial action.

Revenues fell 12.8% from the year before. This was partly due to the strike action, but also caused by the fall in the number of letters being sent and weaker retail trends. IDS said that it still expected annual operating losses between 350 m and 450 m for the full year.

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