Martin Seidenberg, group chief executive of International Distribution Services, took home £6.9m for the year to 29 March after the £3.6bn takeover by Daniel Křetínský triggered the vesting of incentive awards and share-based bonuses; his prior-year figure was £2.1m. IDS’s adjusted operating profit fell 20% to £222m, driven by a 17% decline at GLS and a £629m increase in total operating costs to £13.4bn, linked to higher employers’ national insurance and minimum wage increases. Royal Mail’s parcel volumes rose 7% to 1.4bn while letter volumes fell 10% to 5.7bn. Ofcom opened a fresh investigation earlier in the month after nearly a quarter of first-class mail was delivered late in the year to March, adding to £37m in fines since 2023. The disclosure follows an Ofcom investigation launched in early June after almost a quarter of first-class mail arrived late in the same financial period.
Context
The disclosure follows an Ofcom investigation launched in early June after almost a quarter of first-class mail arrived late in the same financial period.