Immediate action
We are taking steps to protect our business
In our full year financial results today, we said we are taking immediate steps to reduce costs and protect our business. These include:
- UK spending will be reduced by £250m across 2020-21 and 2021-22. Investment continues at higher than historical levels, including in parcel automation and hubs.
- UK spending to be reduced by £250m across 2020-21 and 2021-22. Investment continues at higher than historical levels, including in parcel automation and hubs.
- We are announcing, regrettably, our intention to slim down management. Looking for around 2,000 management redundancies, primarily focussed more on the most senior and non operational managers. Lower impact in field operations. No impact on CWU grades. Will take a phased approach, with whole process complete by the end of the financial year. All subject to consultation with Unite/CMA, which will be commencing imminently.
- No annual bonus for Executive Directors and most senior managers in 2019-20.
- No final dividend to be paid for 2019-20; do not expect to pay a dividend for 2020-21.
Click here to read a letter from our interim Executive Chair, Keith Williams, about the challenges our business faces and our three-step plan for addressing them.
