Outlook

As part of today’s trading update for the nine months ended 29 December, we gave guidance on how we expect the business to perform this year and next year.

2019-20
» We still expect adjusted Group operating profit to be £300-340m (excluding IFRS)
» Productivity improvement expected to be 1.5%, against our 2% target
» Addressed letter volume decline (excluding elections) still expected to be 7-9%

2020-21
» The ongoing industrial relations environment and delays to our transformation, combined with continuing economic uncertainty, increases the likelihood that the UK will be loss making in 2020-21
» Unless we are able to make significant progress delivering our transformation, our ability to meet the year three targets of our Journey 2024 plan will be compromised
» Our 2024 plan is the best way to deliver a successful and sustainable future for the UK business.

Our full year results are expected to be announced on 21 May 2020.

For more on our trading update, click here.