My final-year marketing students looked at Royal Mail as part of a major case study I'd put together for them in March. Trying to keep this out of NACA territory:
Royal Mail is no longer 'Royal Mail'; it's been secretly divided into two entities, one of which covers parcels only (General Logistics Systems) and is profitable. The other does letters (Royal Mail) to meet government targets and is unprofitable despite being the larger of the two.
The major Czech shareholder has been secretly buying up small amounts over years, then getting large dividends in a declining market. Why, and whether this is sustainable in the long-term is a NACA issue.
Simon Thompson as Chief Executive
probably lied to Parliament
when asked to give evidence earlier this year. He was re-called and asked to re-answer the same questions but under oath, this time changing his answers and confirming that they were not prioritising letters.
Throw into the mix a major industrial dispute in a heavily-unionised workforce who are reluctant to change in the face of ever-increasing competition.
So ... they aren't meeting their targets and aren't planning to do so. Your letters will get there. Eventually. Until the Royal Mail goes bankrupt. When they won't.