Royal Mail is losing £1m a day, its chairman has revealed.
The business reported an adjusted operating loss of £92m between April and June – the first financial quarter.
Chairman Keith Williams blamed the slump on a decline in parcel volumes and a lack of progress in “delivering efficiencies”.
Mr Williams said: “The pandemic boom in parcel volumes bolstered by the delivery of (COVID-19) test kits and parcels is over.
“Royal Mail is currently losing £1m per day and the efficiency improvements which are needed for long-term success have stalled.”
Royal Mail revenues fell by 11.5% to £1.88bn over the quarter, compared with the same period last year.
Revenues for Royal Mail Group, which also includes international arm GLS, fell 5.1% to £3bn.
It comes a day after more than 115,000 postal workers at Royal Mail voted to strike over pay in what is expected to be the biggest industrial action in Britain this…