Royal Mail is trying to restructure its business as it moves away from sending letters - which is no longer profitable - to parcel deliveries, which is a growing market thanks to the popularity of online shopping.
As well as dealing with the ongoing dispute with the CWU, Royal Mail has been trying to deal with problems caused by a cyber-attack, which made it unable to send letters and parcels overseas.
Revenues fell 12.8% from the year before. It was due to the strike action but also caused by a continued 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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