May 19, 2022
Royal Mail warns of price increases to combat rising inflation
Royal Mail has said there is a "More urgent" need for the company to adapt to changing consumer behaviour after the pandemic as it reported a slide in profits and warned it would lift prices to counter the effects of climbing inflation. Royal Mail said in a statement on Thursday that it would seek to "Mitigate" the impact of higher costs through "Price increases and growth initiatives". Shares in Royal Mail were down more than 13 per cent in lunchtime trade in London amid a broader market sell-off on Thursday. Thompson made his comments as Royal Mail reported group revenue for the year to March was 0.6 per cent higher year on year at £12.7bn, driven by the performance of parcel sorting subsidiary GLS. At Royal Mail revenue dropped 1.6 per cent year on year as delivery volumes fell after pandemic curbs were eased. Describing the company as being at a "Crossroads", non-executive chair Keith Williams said that while Royal Mail was "Making progress in some areas", it needed to "Deliver real efficiency savings with a financial benefit this year and beyond".
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