May 19, 2022

Royal Mail warns it will put prices up again

The prices of parcels and stamps are likely to rise again as Royal Mail tries to cover higher costs, including wages, energy and fuel expenses. Royal Mail said it was also continuing to change the business to cope better as its parcel business becomes more important than letter delivery. Parcel deliveries have continued to increase since the pandemic. Simon Thompson, chief executive of Royal Mail, said: "As we emerge from the pandemic, the need to accelerate the transformation of our business, particularly in delivery, has become more urgent."Our future is as a parcels business, so we need to adapt old ways of working designed for letters and do it much more quickly to a world increasingly dominated by parcels. The price hike warning came as the business reported an 8.8% drop in pre-tax profit to £662m for the year to the end of March.

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