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Evening Standard
Evening Standard
National
Holly Williams

Royal Mail sees annual earnings tumble as employee costs surge

Royal Mail IDs GLS Ofcom
Royal Mail’s employee costs rose by 5.5% (PA) - (PA Media)

Royal Mail has revealed annual operating profits more than halved after seeing labour costs soar following minimum wage hikes and an extra £133 million employee tax bill.

Owner International Distribution Services (IDS) – bought last year by Czech billionaire Daniel Kretinsky – said Royal Mail’s operating profits plunged to £96 million in the year to March 31, down from £198 million the previous year.

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