(Bloomberg) -- The embattled owner of Britain’s Royal Mail reported another annual loss, days after welcoming a £3.5 billion ($4.5 billion) bid from Czech billionaire Daniel Kretinsky.

Parent company International Distribution Services Plc said it had an adjusted operating loss of £28 million, which was wider than expected.

However, it said Royal Mail returned to revenue growth in the second half of its financial year through March 31. The company had pushed back its results earlier this week, citing an auditing delay.

IDS said earlier this month that it was inclined to accept a non-binding takeover bid from Kretinsky, having rejected a previous offer worth £3.1 billion. 

It comes as the company calls on the UK government and regulators to relax strict rules around letter deliveries. Royal Mail is grappling with a decline in letter-writing and the rise in parcel deliveries due to e-commerce. Members of the Communication Workers Union voted to accept a new pay deal last year after months of strikes, during which it accused management of prioritizing parcels over letters.


©2024 Bloomberg L.P.