Trading update: Letters
Addressed letter volumes (excluding political parties’ election mailings) fell by 6%* in the first three months of the financial year, in line with our expectations.
The money we earn from letters, including marketing mail, was down 7%. If you exclude the benefit of elections in the prior period, total letter revenue was down around 5%.
Some customers remain uncertain about the application of GDPR, which came into effect on 25 May 2018. We are monitoring any potential impact closely. We continue to work with our customers to find solutions for their marketing mail needs.
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* 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.
