Reading between the lines, the newly-privatised Royal Mail has been losing trade to other private firms, so it has cut the workforce by 3,500.
This of course means Royal Mail is now less capable of delivering a high-quality service than it was when it was privatised.
Result: Royal Mail will lose even more trade to other private firms.
How long would you give it until this once-great British institution keels over and dies?
Royal Mail has said its full-year pre-tax profits slumped 33% to £267m as it took a hit from transformation costs.
The postal delivery company said the fall reflected one-off items, such as pension charges, that distorted its balance sheet.
However, revenue rose 1% to £9.2bn as the chief executive, Moya Greene, hailed a “resilient performance”.
Parcel deliveries, where competition from the likes of FedEx and UPS have eaten into Royal Mail’s market share, rose 3%.
Under Greene, the company has embarked on an ambitious cost-cutting drive and it confirmed it had reduced its headcount by 3,500 over the year.
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