In Crozier's first three years, the Royal Mail division produced record annual profits of £537m in May 2005, making £2m a day in profits, up from £1.5m a day losses before he joined. The Group overall had been transformed from recording losses of £1.1bn at the start of the turnaround plan in 2002 into a profit of £355m in 2005. Royal Mail chairman Allan Leighton said it was a "fantastic turnaround" but also that there was still "a huge amount to do". The newly formed mail regulator Postwatch were however critical that it had failed to achieve 11 of its 15 licence targets during the previous financial year. As the postal service was opened up to competition in early 2006, Royal Mail recorded losses of £10m in 2006 and £279m in 2007.