Royal Mail boss: Cyber attack continues as a report points to mounting losses

Royal Mail, which is owned by International Distributions Services PLC, could suffer losses of almost £750mln. This is more than £2mln per day.

According to The Daily Mail, analysts believe that the crisis-hit company will suffer losses up to £745mln in the year to 31 March 2023. This would put IDS in the red for the £290mln year, compared to a profit last year of £862mln.

These huge losses contrast starkly with IDS’s international shipping business, GLS. GLS is expected to post a profit of £317mln this year.

Mail operator has been affected by ongoing industrial action, ending of pandemic parcel boom, and a recent cyber attack from suspected Russian hackers which has prevented it from sending out post overseas.

Royal Mail’s chief executive Simon Thompson told MPs that no customer data was lost in the attack, but declined to provide more details.

He stated that he was told not to discuss details too fine at this time.

Thompson said that the investigation into the incident and its impact is ongoing was Thompson. We will soon have more news as the team works on solutions.

“Based on all our investigations, we believe that there has not been any compromising of customer or personal data.”

Around midday, shares in IDS traded 2.9% lower at 223.57p