Our trading update
We have issued our trading update for the three months ended 24 June 2018.
Group CEO Rico Back said: ‘Overall, trading in the first three months of our 2018-19 financial year was in line with our expectations. Our performance in UK letters and parcels was as anticipated and GLS continued to perform strongly. In the UK, we are making progress with the trials and initiatives under our new Pensions, Pay and Pipeline agreement. We, together with the CWU, are working with Government to enable the introduction of a Collective Defined Contribution scheme.
‘Our outlook and other guidance are unchanged from that set out in our financial report for the full year ended 25 March 2018.’
Headlines
- Money we earn as a Group up 2%*
- Money we earn in the UK down 1%, or flat, if you exclude the benefit of elections in the prior period
- Another strong performance from GLS, with volumes up 10% and revenue up 11%.
Click here to read your Colleague Update on today’s trading update and watch next week’s RMtv.
* All movements are on an underlying basis unless otherwise stated. Underlying revenue change is calculated after adjusting for working days in UKPIL, movements in foreign exchange, acquisitions (Redyser in GLS) and other one-off items that distort the Group’s underlying performance. For volumes, underlying movements are adjusted for working days and exclude the impact of political parties’ election mailings in UKPIL and the impact of Redyser in GLS. For comparison purposes all underlying adjustments are made to the prior period.
