Royal Mail has revealed the impact of its ongoing dispute with The Communication Workers Union (CWU) in its trading update for the nine months ended 29 December 2019. The Q3 run rate for addressed letter volumes (excluding elections) has not shown the expected level of recovery. Further, the ongoing industrial relations environment and delays to the delivery of our transformation plan, when combined with continuing economic uncertainty, increases the likelihood that UKPIL will be loss making in 2020-21. Unless we are able to make significant progress in delivering our transformation plan, our ability to meet the year 3 targets of our Journey 2024 plan will be compromised. We want to reach agreement with CWU; but we cannot afford to delay this essential transformation any longer.