Nov 19, 2020

Royal Mail raises revenue forecasts as online boom boosts business

Royal Mail announced increased revenue forecasts on Thursday as the boom in online shopping during the coronavirus crisis boosted business. GLS, Royal Mail's overseas parcels subsidiary, reported an increase in revenue of 21.7 per cent as it was boosted by a better than expected performance in France, Spain and the US. But the group's duty to deliver mail six days a week was creating a drag on profits, said Mr Williams. "The level of revenue growth in the first half shows we have the right strategy and that Royal Mail can be cash generative and a sustainable, profitable business in the future," he said. The group said it was "Working hard to deliver Christmas", recruiting about 33,000 additional flexible workers in Royal Mail over the peak season. Last month, Royal Mail began collecting parcels from doorsteps across the UK, with customers able to hand over items to postmen and women on their rounds or leave their packages in a "Safe place" from Monday to Saturday for a small fee online.

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