Half year results

[Rommagic]

Where are they this month?.

[77SAMPOST77]

They are published tomorrow .

[Rommagic]

They are published tomorrow .

OK.

[yellowbelly]

Let's guess - losing a million a day.

[yellowbelly]

https://www.internationaldistributionse ... mber-2024/

This comment from the overall IDS group bit:

Adjusted operating profit1 of £61 million (H1 2023-24: loss of £169 million), mainly due to significantly reduced loss in Royal Mail.

Brief summary of the Royal Mail element (not IDS as a whole) taken from the IDS website:

Royal Mail overview:

Revenue growth of 10.7%:

Good parcel revenue growth of 8.9%, despite weaker market than anticipated in H1;

Addressed letter volumes (ex. elections) down 5% year-on-year. Letter revenue growth of 12.7%, with volume decline more than offset by price, and positive impact from General Election.

Further progress on modernisation and transformation in H1, leading to an improving trajectory for quality of service over the last 12 months:

Deployed the biggest operational change for over 20 years, changing frontline start times to enable the removal of half of domestic flights, improve reliability, increase network capacity and reduce emissions;

Permanent employees on new contracts grew to over 19,000 at the end of September (from c. 5,500 a year ago);

Increased parcel automation: 84% end of September, continuing to invest, c. 90% expected by March 2025;

Innovation: digitally tagging parcel containers in the network to improve visibility and efficiency;

Expansion of out of home: planned increase in drop off locations to over 21,000 by end of March 2025, including c. 7,500 parcel shops (with Collect+) and c. 1,500 lockers through partnerships and Royal Mail’s own network.

Considerable change and investment still required to transform Royal Mail and be financially sustainable for the future, including real and urgent need to reform Universal Service, which currently is hindering our competitiveness.

Disappointed that Ricky's not been on the tele in one of the Mail Centres with managers pushing yorks about in the background.

[Valentina@1]

We supposed to believe a word this mob say?

[CornishCracker]

We supposed to believe a word this mob say?

Financials are vetted by external companies, so yes you are supposed to believe it whether you like it or not.

[Zicomurphy]

So if I’m reading it right Royal Mail made a loss of 67 million in the first half of the financial year but GLS made a profit of 128 million meaning IDS made an overall profit of 61 million.

[Zicomurphy]

Let's guess - losing a million a day.

By my rough calculation only losing about £370,000 a day now.

[postmanzach]

So if I’m reading it right Royal Mail made a loss of 67 million in the first half of the financial year but GLS made a profit of 128 million meaning IDS made an overall profit of 61 million.

looks like it roughly. and royal mail made a much larger loss that previous year wonder why that is.. (staff quitting and rounds being left for days uncovered)
but it look likes royal mAil would actually been in profit with out GLS if it it wasn’t for the expected tax burden?

Wonder what this part in particular means? scrapping uso no doubt

additional initiatives being developed to fully offset the impact over the long term

Impairment charge largely due to expected additional tax burden reflected in a c. £120 million annual increase in employers National Insurance from FY 2025-26 – a result of Royal Mail’s role as a major UK employer with c. 130,000 people – which is expected to only be partially mitigated in the short term through pricing and costs actions; additional initiatives being developed to fully offset the impact over the long term”

[postmanzach]

can anybody explain to a dummy how a business like royal mail has gone from losing £167 million to losing 67 million, so cutting loss by around £100 million. and that’s for the 6 months not including christmas. there’s been a rise in revenue but where’s the majority of the increase in profit loss come from?

[buchanpeter]

Keep in mind that royal mail make the most profit over the Christmas period.
Those results won't be here until May.
Won't be anywhere near as bad as they're saying.
Issue is they'll use this half year results against the union negotiations.
Might end up with a bad deal. Then a month later the company magically made hundreds of millions of profit. We all end up looking like donkeys.
Would be better if we started negotiating after the full year results and back date any pay rises.

[postmanzach]

wow i got that wrong, it’s even more.

IDS reported an adjusted operating profit of £61m for the six months to 30 September, compared with a loss of £169m the year before, as losses at Royal Mail fell to £67m from £319m, while GLS profits slipped to £128m from £150m

https://www.sharecast.com/news/news-and ... 33864.html

319-67=252
so just magically cut £252 million. wow. hope the fat cats at the top are getting nice bonuses for this. hopefully my stamps will come through today.

[Mr Rush]

can anybody explain to a dummy how a business like royal mail has gone from losing £167 million to losing 67 million, so cutting loss by around £100 million. and that’s for the 6 months not including christmas. there’s been a rise in revenue but where’s the majority of the increase in profit loss come from?

Network Review over the summer comes to mind. More T24 onto core delivery slashing LATs, no planes, no trains.

[oypostie]

Letter deliveries being failed left, right and centre probably accounts for most of the recovery