Menu
18/05/2006
Royal Mail receives £1.75bn government funding
The Royal Mail has received a £1.75 billion package from the government in order to help plug the deficit in the pension fund and pay for modernisation.
The government confirmed that £900 million would be made available in the form of a loan with commercial rates of interest, while the remaining £850 million would come from existing Royal Mail reserves
Trade and Industry Secretary Alistair Darling said: "This financing framework will give Royal Mail the right basis from which to take forward an ambitious modernisation programme, helping to deliver a world class service.
"Giving Royal Mail the freedom to use its financial resources to invest for the future puts the company in a stronger position to successfully compete in the marketplace and also deliver a financial return for the taxpayer."
The move has been welcomed by the Communication Workers Union.
The Royal Mail has seen profits rise by 17% to £355 million over the past year. The results meant that staff received bonuses of more than £400 per person.
(KMcA/GB)
The government confirmed that £900 million would be made available in the form of a loan with commercial rates of interest, while the remaining £850 million would come from existing Royal Mail reserves
Trade and Industry Secretary Alistair Darling said: "This financing framework will give Royal Mail the right basis from which to take forward an ambitious modernisation programme, helping to deliver a world class service.
"Giving Royal Mail the freedom to use its financial resources to invest for the future puts the company in a stronger position to successfully compete in the marketplace and also deliver a financial return for the taxpayer."
The move has been welcomed by the Communication Workers Union.
The Royal Mail has seen profits rise by 17% to £355 million over the past year. The results meant that staff received bonuses of more than £400 per person.
(KMcA/GB)
Related Northern Ireland Business News Stories
Click here for the latest headlines.
17 May 2005
Royal Mail workers benefit from record profits
Royal Mail workers are set to receive bonuses of £1,074, following the announcement of record profits of £537 million for the year 2004-05. The national mail service reported the record profits today – an increase of 144% on the £220 million profits announced in the last financial year.
Royal Mail workers benefit from record profits
Royal Mail workers are set to receive bonuses of £1,074, following the announcement of record profits of £537 million for the year 2004-05. The national mail service reported the record profits today – an increase of 144% on the £220 million profits announced in the last financial year.
10 February 2006
Missing post costs Royal Mail £11.7m
Postal services watchdog, Postcomm, is proposing to fine Royal Mail £11.7m over "serious breaches" of its licence obligations to protect the mail and deliver it on time. Launched in 2004, the Postcomm review found that important features of Royal Mail's procedures were not being applied across the business.
Missing post costs Royal Mail £11.7m
Postal services watchdog, Postcomm, is proposing to fine Royal Mail £11.7m over "serious breaches" of its licence obligations to protect the mail and deliver it on time. Launched in 2004, the Postcomm review found that important features of Royal Mail's procedures were not being applied across the business.
17 November 2005
Royal Mail profits boosted by parcels
Royal Mail has reported a rise in profits, despite a seeing a fall in earnings in its letter business. The group reported a 20.5% increase in operating profit to £159 million for the first half of 2005/06 – a £27 million improvement on the same period the previous year.
Royal Mail profits boosted by parcels
Royal Mail has reported a rise in profits, despite a seeing a fall in earnings in its letter business. The group reported a 20.5% increase in operating profit to £159 million for the first half of 2005/06 – a £27 million improvement on the same period the previous year.
27 February 2004
Royal Mail puts in 'poor' performance
The Royal Mail has performed poorly and is "unlikely" to meet any of the 15 minimum performance targets set out in its licence, according to the mail watchdog Postwatch. Postwatch said that Royal Mail’s third quarter performance was badly affected by unofficial industrial action, and would not meet its targets.
Royal Mail puts in 'poor' performance
The Royal Mail has performed poorly and is "unlikely" to meet any of the 15 minimum performance targets set out in its licence, according to the mail watchdog Postwatch. Postwatch said that Royal Mail’s third quarter performance was badly affected by unofficial industrial action, and would not meet its targets.
12 December 2003
3,000 managers to go at Royal Mail
Up to 3,000 "non-operational managers" are expected to leave Royal Mail under a voluntary redundancy programme launched by the company today. All of the job losses will be part of the 30,000 jobs which Royal Mail has already announced will be made redundant during the company’s "three-year turnaround plan".
3,000 managers to go at Royal Mail
Up to 3,000 "non-operational managers" are expected to leave Royal Mail under a voluntary redundancy programme launched by the company today. All of the job losses will be part of the 30,000 jobs which Royal Mail has already announced will be made redundant during the company’s "three-year turnaround plan".
-
Northern Ireland WeatherThis Evening and Tonight:It will be cloudy with a spell of heavy rain pushing south through late evening and the early hours, soon followed by some clear spells. Minimum temperature 6 °C.
