Wind power

7 year earlier.

IDS said Royal Mail was in the red mainly due to strikes by “unionised staff” over pay and working conditions. This unrest ultimately led to the departure of Royal Mail’s chief executive Simon Thompson who resigned on May 12 after only two years in the post, although he will remain until October as IDS seeks a fourth chief executive in as many years.

Royal Mail’s owners also attributed the postal service’s losses to its “inability to deliver the in ­ year benefits of planned productivity improvements.”

Although the company has finally thrashed out a deal which the union agreed to put to its membership in April, Royal Mail has been affected by the consequences of a drop in demand for Covid test deliveries. There was also a dip in delivering online shopping, which had flourished during the pandemic.

ARDIAN, a leading private investment company, agreed to sell for an undisclosed sum its ASR Wind portfolio of 12 windfarms as well as a hybrid solar energy plant, to Naturgy, the Spanish renewable energy group. The windfarms, which are located in several regions across Spain and have 422MW of installed capacity, were all built between 2005 and 2012.

Boo-hoo!

ONLINE fast fashion retailer Boohoo.com plunged almost £91 million (€105 million) into the red as annual sales dived and the retailer had to cope with higher levels of returned products.

The label aimed at the 16 ­ 30 age group announced that sales fell 11 per cent to £1.8 billion (€2.1 billion) in the year ending on February 28.