Parcelforce optimistic despite losses
The UK Royal Mail’s parcels arm, Parcelforce Worldwide, continued to haemorrhage money in the year to March, doubling its losses to £187m (t261.8m).
Parcelforce, which in the last year has completed its transformation to an express-only service for time-guaranteed deliveries, is continuing to eliminate its unprofitable products and inefficient operations, although progress has not been as rapid as in mail operations. But Allan Leighton, Royal Mail chairman, said Parcelforce remained on course to break even in 2004/2005 after 10 years of losses.
