Revenue and profitability were affected by strike action and adverse economic climate in 2022.
Following partial recovery of letter mail volumes in the prior year, Royal Mail reported a drop in addressed letter volumes (of 9%), advertising mail volumes (of 8%) and international import and export letters in 2022.
Driven by reduced consumer confidence amid economic uncertainty and disruptions caused by industrial action, Royal Mail’s domestic parcel volumes fell 22% year-on-year. Meanwhile, international parcel volumes fell 7% year-on-year, driven by the global economic turndown and the cyber incident.
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