million a day nonsense

[daveyeff]

one of the reps just posted this on whatsapp. Contractor Calculator.

1.Dividends can only be paid out of company profits.
dividends are paid to shareholders of a company out
of profits or reserves, so a loss making company with
reserves cannot pay a dividend. that means, unlike
a salary, contractors and other business owners can
only pay a dividend when their company is profitable.
2.Declaring dividends without sufficient profits is illegal.
Company directors issuing dividends when the company
has insufficient profits don't actually have the authority
to do so--if they do, the dividend is illegal. these are whats
known as 'ultra vires' dividends, which means beyond the powers. ...........i wonder what load of bullshit RM/Si would put out if this became known and if indeed it has any factual proof or is correct.?? ....any thoughts anyone?

[Kenfandango]

I'm sure they've claimed it was previous profits that were handed out and we suddenly became unprofitable weeks after...

[Woody Guthrie]

Royal Mail are claiming that the UK business is losing £1million a day not the entire group.

GLS are profitable.

Of course they are playing both sides because on the one hand they are saying there can be no cross subsidy but on the other hand when it comes to paying out dividends it's all good.

[RHONE]

RM currently make approximately 2.6M a day ,but during the Pandemic this figure was 3.6M so with a bit of clever wording and a bunch of work shy 40% over paid ex keyworkers gullable enough to swallow it= a loss of 1M a day, they themselves have stated this there losing 1m in profits..... Not making a loss of 1m

[clashcityrocker]

RM currently make approximately 2.6M a day ,but during the Pandemic this figure was 3.6M so with a bit of clever wording and a bunch of work shy 40% over paid ex keyworkers gullable enough to swallow it= a loss of 1M a day, they themselves have stated this there losing 1m in profits..... Not making a loss of 1m

No. That is wrong.
What they said is the UK part of the business had lost £1 million pounds a day for the first 3 months of the financial year.

[cobrakai]

RM currently make approximately 2.6M a day ,but during the Pandemic this figure was 3.6M so with a bit of clever wording and a bunch of work shy 40% over paid ex keyworkers gullable enough to swallow it= a loss of 1M a day, they themselves have stated this there losing 1m in profits..... Not making a loss of 1m

No. That is wrong.
What they said is the UK part of the business had lost £1 million pounds a day for the first 3 months of the financial year.

In other words the covid kits

[Woody Guthrie]

No. That is wrong.
What they said is the UK part of the business had lost £1 million pounds a day for the first 3 months of the financial year.

In the first 3 days of the financial month my expenditure vs revenue is approximately - £900 which kind of means I'm losing about £300 a day.

Fortunately I don't base my financial wellbeing on the first 3 days of the financial month.

[Schiff]

No. That is wrong.
What they said is the UK part of the business had lost £1 million pounds a day for the first 3 months of the financial year.

On its own that statement by RM is completely meaningless.

Pre-Covid, how much profit or loss did the UK part of the business make in the first 3 months of the financial year?

If it has changed, what are the reasons - falling revenues or increased overheads? If overheads, which overheads and how much of a part does each play? I would imagine that increased energy and fuel costs would have had a significant impact.

Has capital expenditure, such as investing in a new electric fleet and the associated charging infrastructure, been correctly separated from that profit or loss?

If the CWU were to explore this then they would need to engage a specialised team of accountants to look at RM's management accounts for a number of years to look at these questions, and RM would have to actually allow them unrestricted access to all of their financial records in order to do so. That isn't going to happen.

In any case it is largely irrelevant. Whatever RM's financial position they have to accept that, just like energy and fuel costs, labour costs are also increasing significantly. Other businesses are having to face increased costs. If you have been out for a meal recently and winced when you saw the menu prices then you will know that ultimately those increased costs have to be passed on to the customer.

[neviboss]

Well they're currently wasting money on electric vans, Peugeots are okay, the Mercs are not fit for purpose, we've got one which was cloned in April, still sat there with grass growing around it!

[wrongturn]

!

[TopperGas]

Weren't RM making big losses prior to COVID, if so, it's hardly surprising they are making losses again now that life is returning back to normal? Did the CWU ever take up Simon's offer to look at the books in detail, if so, what did they actually show?

[aiden01]

Weren't RM making big losses prior to COVID, if so, it's hardly surprising they are making losses again now that life is returning back to normal? Did the CWU ever take up Simon's offer to look at the books in detail, if so, what did they actually show?

We will prob never know.

[daveyeff]

Simons offer to look at the books was a load of f***ing garbage anyways. Figures are easily manipulated and "cooking the books" has been done for years,....the union would've had to take in top notch auditors/accountant wizards to uncover the shite they would've produced to go over....f***ing laughable that....probs why the union ignored the gesture.

[daveyeff]

Probs would've produced a load of "in arrears" rent books knowing them f*****s

[DirtyHarry]

Thompson would make a loss being the only owner of a Whelk stall on Southend Pier.