UK business

In the nine months ended 29 December 2019: 

» Addressed letter volumes, excluding elections, were down 8% (working day adjusted)*, in line with our revised expectations for the full year
» The money we earn from total letters was down 0.4% (working day adjusted)*. We benefited from targeted price rises, European Elections and the General Election
» Some customers switched UK parcels volumes to other carriers due to risk of industrial action
» UK parcel volumes were up 4% (working day adjusted)*.
» The money we earn from UK parcels was up 4.9% (working day adjusted)*
» Tracked 24/48 and Tracked Returns volumes were up 18% (working day adjusted)*
» Productivity improved by 1.3%.

 We cannot afford to delay our essential transformation plan any longer. We stand ready to invest £1.8 billion to modernise and grow in the UK.

*There were 2.5 fewer working days in the UK, compared to the prior year, which reduced UK volume and revenue growth metrics by around 1 percentage point, on average.