Signs of improvement
We have reported an adjusted operating loss of £129 million in the UK. This is the first loss since privatisation.
It is driven partly by the additional cost of delivering parcels compared to letters, partly by Covid-19-related costs, such as necessary personal protective equipment, and additional overtime, alongside restructuring costs.
Given the uncertainty the UK economy is currently facing, it is difficult to give precise guidance on what the second half of the year may look like. But we do appear to be in a better place than we were even a few months ago.