Proactive Investors - Royal Mail, owned by International Distributions Services PLC, could face losses of nearly £750mln, more than £2mln every day.
A report in The Daily Mail said analysts reckon the crisis-hit company is on course to notch losses of up to £745mln for the year to 31 March 2023, which would push IDS into the red for the year of £290mln compared to a profit of £862mln last year.
The mammoth losses are in stark contrast to IDS’s international delivery business, GLS, which is forecast to post a profit this year of £317mln.
The mail operator has been hit by ongoing industrial action, the end of the pandemic parcel boom and a recent cyber attack by suspected Russian hackers that has stopped it sending post overseas.
Simon Thompson, chief executive of Royal Mail , told MPs today that no customer data has been lost as part of the attack but declined to give more details of the hack.
“I have been told to discuss any fine details at this point in time would be detrimental,” he stated.
Thompson added: “The incident is still ongoing, and the investigations are ongoing as to the impact of it. The team are working on workarounds so we will have some news to share in the very near future.
“Based on our investigations so far we believe there has been no compromising of any customer or personal information.”
Shares in IDS were trading 2.9% lower at 223.57p around midday.