Looking ahead

Overall, our trading performance in the first three months of the financial year was in line with our expectations.

We maintain our outlook for addressed letter volume declines of between 4-6% per annum (excluding political parties’ election mailings). Due to the potential impact of GDPR and, or, if business uncertainty persists, we still expect to be at the higher end of the range of decline for 2018-19 and may fall outside the range in a period.

In GLS, we continue to expect a good performance in 2018-19, although margins may be impacted by continuing labour market pressures in many of its markets.

Our outlook and other guidance are also unchanged from that set out in our financial report for the full year ended 25 March 2018.

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