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Pin to quick picksInternational Distributions Services Share News (IDS)

Share Price Information for International Distributions Services (IDS)

London Stock Exchange
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Share Price: 365.20
Bid: 365.00
Ask: 365.20
Change: 0.00 (0.00%)
Spread: 0.20 (0.055%)
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Prev. Close: 365.20
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Ofcom fines IDS unit Royal Mail for missing delivery targets

Fri, 13th Dec 2024 07:47

(Alliance News) - Regulator Ofcom has fined Royal Mail GBP10.5 million for missing its post delivery targets in the 2023-2024 financial year.

The fine is the second in two years, after the watchdog also gave Royal Mail a GBP5.6 million penalty in November 2023.

Royal Mail said just under three-quarters of first class post was delivered on time during the period, well short of its 93% target.

And 92.7% of second class post was delivered on time, below its 98.5% target, it said.

Ian Strawhorne, Ofcom director of enforcement, said: "With millions of letters arriving late, far too many people aren't getting what they pay for when they buy a stamp.

"Royal Mail's poor service is now eroding public trust in one of the UK's oldest institutions.

"This is the second time we've fined the company since the pandemic.

"Royal Mail has provided an improvement plan, and we're seeing some signs of progress, but it must go further and faster to deliver the service that people expect."

Royal Mail is owned by International Distributions Services PLC. In May, IDS agreed to a GBP3.57 billion takeover offer from a special purpose acquisition vehicle owned by J&T Capital Partners and EP Corporate Group, a subsidiary of EP Investments SARL.

EP Investments is a Luxembourg-based company founded by Czech billionaire Daniel Kretinsky

source: PA

Copyright 2024 Alliance News Ltd. All Rights Reserved.

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30 Jan 2025 08:59

Royal Mail set to axe Sat 2nd class deliveries under Ofcom proposals

(Sharecast News) - Britain's Royal Mail is set to axe Saturday deliveries and provide an alternate-day service for second class letters, under proposals put forward the regulator Ofcom.

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30 Jan 2025 08:55

UK Ofcom proposes 2nd class letters delivery on alternate week days

(Alliance News) - Royal Mail is set to be allowed to ditch Saturday deliveries for second class letters under plans being put forward by Ofcom that will also see wider postal delivery targets cut in the UK.

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15 Jan 2025 10:27

UPDATE: IDS revenue increases as Royal Mail provides Christmas boost

(Alliance News) - International Distribution Services PLC on Wednesday said it expects Royal Mail to return to profitability this financial year as its takeover deal presses ahead following key regulatory clearances.

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15 Jan 2025 10:10

IDS quarterly revenue increases as Royal Mail provides Christmas boost

(Alliance News) - International Distribution Services PLC on Wednesday said it expects Royal Mail to return to profitability this financial year as its takeover deal presses ahead.

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15 Jan 2025 07:56

Christmas parcels help IDS to slight revenue rise in Q3

(Sharecast News) - International Distribution Services reported a slight rise in revenue during the busy Christmas period as its Royal Mail business handled more international parcels.

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20 Dec 2024 16:05

London close: Stocks mixed as US PCE inflation holds steady

(Sharecast News) - London stocks ended the day on a mixed note Friday, as investors weighed weaker-than-expected UK retail sales growth and cooler US price growth than anticipated.

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20 Dec 2024 10:44

IN BRIEF: EP takeover of Royal Mail parent gets UK security clearance

International Distribution Services PLC - London-based post and parcels delivery firm that owns Royal Mail - Acquisition by Daniel Kretinsky's EP Group AS gets UK security clearance. The UK government on Monday confirmed it had cleared the way for the 500-year-old postal service to pass into foreign ownership for the first time, having secured legally-binding commitments from Kretinsky to maintain a universal service. However the GBP5.3 billion deal still was conditional on separate clearance under the UK National Security & Investment Act 2021. This was confirmed by the chancellor of the Duchy of Lancaster, who is Pat McFadden. Some regulatory conditions remain to be satisfied, but EP says on Friday it expects the IDS takeover offer to be declared unconditional in the first quarter of 2025.

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20 Dec 2024 07:03

EP Group IDS takeover clears UK national security law

(Sharecast News) - The UK government has cleared the £3.6bn sale of Royal Mail parent company International Distribution Services to Czech billionaire Daniel Kretinsky's EP Group.

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16 Dec 2024 15:35

London close: Stocks weaker ahead of key central bank decisions

(Sharecast News) - London stocks ended lower on Monday as investors adopted a cautious stance ahead of a week filled with major central bank policy decisions.

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16 Dec 2024 12:04

LONDON MARKET MIDDAY: Stocks red as UK consumer confidence erodes

(Alliance News) - Stock prices in London were down at midday on Monday, while in corporate news Videndum shares fell after its trading update disappointed.

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16 Dec 2024 10:03

UPDATE: UK government confirms Royal Mail sale to EP Group is cleared

(Alliance News) - Royal Mail's sale to Czech billionaire Daniel Kretinsky has been cleared by the UK government, paving the way for the more than 500-year-old postal service to pass into foreign ownership for the first time, PA reports.

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16 Dec 2024 09:17

Royal Mail takeover by Daniel Kretinsky cleared by UK government

(Alliance News) - Royal Mail's takeover by a Czech billionaire has been given the green light by the UK government, allowing the postal service to pass into foreign ownership for the first time.

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13 Dec 2024 09:02

Royal Mail fined £10.5m for missing delivery targets

(Sharecast News) - Royal Mail has been fined £10.5m by the communications regulator Ofcom for failing to meet delivery targets for first and second-class mail in the 2023-2024 financial year.

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13 Dec 2024 07:43

LONDON BRIEFING: Sterling suffers as UK economy in surprise shrink

(Alliance News) - London's FTSE 100 is called to open higher on Friday, shaking off poor UK data, a sharp decline in Asian equities, and weaker trade in the US overnight.

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