Royal Mail parent IDS delivers strong Christmas revenues; names new CFO
Reuters
Published Jan 18, 2024 07:19
Updated Jan 18, 2024 10:01
(Reuters) -Britain's International Distributions Services said on Thursday it enjoyed its best Christmas in four years in 2023, with revenues rising nearly 10% during the festive quarter, as UK customers returned to using its Royal Mail (LON:IDSI) delivery services.
The group, which runs Royal Mail in the UK and GLS internationally, also said it had appointed Michael Snape, the former finance chief of UK drugstore chain Boots, as its group chief financial officer, effective immediately.
Royal Mail has suffered several setbacks over the past couple of years, including strikes by postal workers, a cyber security incident, a fine from regulator Ofcom for missed delivery targets and the loss of its 360-year monopoly to deliver parcels from post office branches.
Its turnaround plan has, however, progressed under the leadership of Martin Seidenberg, while customers it lost during the strikes in late 2022 have returned to the postal and parcels company.
IDS, which kept its outlook unchanged, reported group revenue of 3.59 billion pounds ($4.56 billion) for the three months to December-end, up 9.8% year-on-year.
($1 = 0.7876 pounds)
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Written By: Reuters
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