Royal Mail has revealed an operating loss of £1.04 billion in the year to 26 March against earnings of £250 million the previous year.
The group’s owner, International Distributions Services (IDS), revealed Royal Mail has blamed the strike action for the losses.
Royal Mail said on an underlying basis they saw operating losses of £419 million compared to £416 million the previous year.
Industrial action over the past year has been largely to blame for £539 million writedown and the “current risk backdrop” as Royal Mail took a hit of £200 million.
