Royal Mail comments on achievements past and future
Added: 02/07/2009 Reporter: Peter James
Royal Mail has announced that it is to press ahead with modernisation plans on the back of its recent financial successes.
The mailing company has turned its fortunes around, having implemented a series of cost-cutting measures that have seen the company go from making a daily £1 million loss to a profit of £321 million in 2008-2009.
This is despite a continuing drop in mailing volumes and the company is now focused on dealing with three issues facing the company - the pension deficit, regulation and financing.
Royal Mail chairman Donald Brydon commented: "Whatever the Government decides to do with its shareholding, the well-understood problems of regulation and pension fund deficit will not go away.
"The management, for its part, is continuing to forge ahead with its modernisation plan which is unaffected by this announcement."
Last month Royal Mail workers in London and other parts of the UK carried out strike action, calling for investment in the company to further modernisation.
