Workers' representative the Communication Workers Union is seeking an urgent meeting with the company board to put forward an alternative business plan as it blames losses on 'gross mismanagement'
Around £70m of that loss was attributed to"direct negative impacts" from three days of industrial action.
Commenting on the announcement CWU general secretary Dave Ward said:"The announcement is the result of gross mismanagement and a failed business agenda of ending daily deliveries, a wholesale levelling-down of the terms, pay and conditions of postal workers, and turning Royal Mail into a gig economy style parcel courier.
"This announcement is holding postal workers to ransom for taking legal industrial action against a business approach that is not in the interests of workers, customers or the future of Royal Mail. This is no way to build a company."
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