UK Post Office to reverse losses in 3 years

The Post Office plans to turn last year’s net deficit of 264 mln stg
into a profit of 300 mln stg within three years, the Financial Times
reported citing Post Office chief executive John Roberts.

He said this will be achieved despite a new regulatory regime that
will cut up to 100 mln stg from net profits.

Roberts said hitting the “demanding” target would require a
reduction of about 5,000 in the company’s 200,000 workforce, saving
about 50 mln stg a year, and an end to unofficial strikes, which
have cost 30,000 working days this year.

acb/ak.
Copyright 2001 AFX News.
Source: World Reporter (Trade Mark).
AFX (UK), 21st March 2001