Comment / Against the odds: Royal Mail's GLS – the allure of another 'GXO-like' spin-off

It was only last month that, in a trading update for the five months to August of fiscal year 2022, Royal Mail talked up persistent revenue growth across the group, as both Royal Mail itself and General Logistics Systems (GLS) enjoyed higher revenues than one year earlier.

On cue, in a rare M&A foray, on 8 October GLS announced a £210m-equivalent deal for a Canadian company, Rosenau Transport, that I would be lying if I said I had ever heard of ...