royal mail plc said tuesday that it plans to cut 700 manager jobs and that it is reducing its guidance for fiscal 2022 because of the launch of a consultation process to restructure the business the british letterandparcel courier said it has spent on a yeartodate basis more than 340 million pounds 4587 million on overtime additional temporary staffing and sick pay amid the pandemic which has been a headwind to delivering its productivity targets royal mail said it will incur a charge of gbp70 million for the restructuring of the company its fullyear outlook has been revised downward with its guidance declining to an adjusted operating profit of around gbp430 million from gbp500 million the company said we are engaging with our unions on the proposals which we expect will  deliver an annualized benefit of around gbp40 million with around gbp30 million in fy 202223 it said the ftse 100listed company also said that thirdquarter domestic parcel revenue fell by 49 on year and that group revenue fell to gbp355 billion from gbp364 billion