Feb 11, 2021

Royal Mail turnround still needs the workers’ stamp of approval

Royal Mail shares have jumped 40 per cent since the Communication Workers Union voted in mid-December to accept a one-hour reduction in the working week. A better than expected update extends a honeymoon phase for Simon Thompson, who took over as Royal Mail chief executive last month. If put into law that change alone could save Royal Mail up to £225m a year. Staff costs at Royal Mail's core UK division were equivalent to 69 per cent of revenue last year, compared with 39 per cent at Bpost of Belgium and 52 per cent at Deutsche Post. About 11 per cent of Royal Mail staff are over 60 so some of the inevitable headcount reduction can be via retirement.

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