Royal Mail: 1.1 billion fewer letters

Royal Mail: 1.1 billion fewer letters

Royal Mail plc has announced  a trading update covering the five months ended 30 August 2020 showing parcel volumes up 34% but letter revenue down 21%.

Royal Mail will hold its 2020 Annual General Meeting (AGM) today at 13.00 in the Company’s registered office, 3rd floor, 100 Victoria Embankment, London EC4Y 0HQ.

Due to the social distancing measures in place in relation to COVID-19, shareholders will not be able to attend the AGM in person.

Financial highlights

Parcel volumes up 34% (177 million more parcels) and revenue up 33.1% year on year.

• Addressed letter volumes (ex. elections) down 28% (1.1 billion fewer letters)

• Letter revenue down 21.5%

• Total revenue up £139 million

Royal Mail will publish a pre-recorded, virtual shareholder event on at 15:00 today, following the formal business of the AGM.

Interim Executive Chair, Keith Williams, Interim Royal Mail Chief Executive Officer, Stuart Simpson, and GLS Chief Executive Officer Martin Seidenberg will comment on the performance of the Group in the 2019-20 financial year and provide an update on the Group’s progress in the first five months of the 2020-21 financial year.

The results of voting at the AGM will be announced later today.

Trading update covering the five months ended 30 August 2020

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