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Royal Mail is being investigated by Ofcom after the service failed to deliver less than three quarters of first-class post on time in the last year.<\/p>\n
In its yearly financial results on Friday, Royal Mail’s parent company, International Distribution Services (IDS) said only 74.5% of first-class mail was delivered within one working day.<\/p>\n
Regulator Ofcom’s rules state 93% of first-class mail must be delivered within the timeframe, excluding Christmas.<\/p>\n
Ofcom said: “If it does not provide a satisfactory explanation and we determine Royal Mail has failed to comply with its obligations, we will consider whether to impose a financial penalty.”<\/p>\n<\/div>\n
Last year, Ofcom fined the company \u00a35.6m for failing to meet<\/a> its delivery targets in 2022-23.<\/p>\n Royal Mail’s released figures were delivered more than 24 hours late, after markets closed on Friday. <\/p>\n The chief executive of IDS said the financial results showed Royal Mail’s losses narrowed to \u00a3348m – from \u00a3419m for the year ending 31 March.<\/p>\n Martin Seidenberg said: “We have improved quality, won back customers lost during industrial action, controlled costs and delivered Christmas for our customers.”<\/p>\n<\/div>\n The results come as IDS waits for a potential buy-out offer from Czech billionaire Daniel Kretinsky.<\/p>\n