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Royal Mail says it expects to report a "material loss" this year despite seeing the number of parcels it delivered throughout five months of lockdown jump by more than a third.
The surge in parcel post meant revenues beat expectations for the period.
However, the number of letters it delivered fell by 28%, continuing the trend seen in recent years.
Royal Mail said it was talking to unions about making changes to cut costs further.
In July, the company said it would cut 2,000 management jobs - a fifth of such roles - which would save it £130m.
