LONDON — Martin Seidenberg, the group chief executive of International Distribution Services (IDS), received £6.9 million in pay, bonus, and long-term incentive scheme awards in the year ending March 31. The company stated the increase followed the £3.6 billion takeover by Daniel Křetínský and the subsequent delisting in June.

Seidenberg's compensation in the prior year totaled £2.1 million. The delisting triggered the vesting of incentive awards and share-based bonuses to him. No award plans vested for Seidenberg in the previous year.

IDS executive directors received a total of £9.8 million last year, an increase from £4.2 million the previous year. IDS stated that the pay increase for Seidenberg resulted from the takeover. "The vesting of awards was accelerated at the point of takeover," the company said. "This explains the increase in emoluments of the highest-paid director."

IDS reported adjusted operating profits of £222 million in the year to March 31, a 20% decrease compared to the previous year. Royal Mail, a subsidiary of IDS, saw its profits grow to £5 million from £2 million a year earlier. GLS, another part of IDS, reported profits of £237 million, a decline of 17%.

IDS revenues increased by 3.6% to £13.6 billion. The company's total operating costs rose by £629 million to £13.4 billion. IDS attributed this cost increase to higher wages and associated taxes, with people costs rising 5.7% to £7.16 billion, representing a £384 million increase over the previous year.

Royal Mail's parcel volumes grew 7% to 1.4 billion, while letter volumes fell 10% to 5.7 billion. Ofcom launched an investigation into Royal Mail for failing to meet annual delivery targets. Royal Mail has incurred £37 million in fines since 2023 for missing targets set by Ofcom and was late in delivering almost a quarter of first-class mail in the year leading up to the end of March.