- 3 April 2019
- Transport / Logistics Services
Delivery company Yodel has reported losses of £111.8 million for the year end 30 June 2018. This is an even bigger loss than the previous year’s £81.9 million.
Revenues at Yodel fell from £409.8 million in 2017 to £403.8 million in 2018.
The report also stated that “the directors are naturally disappointed to report a £15.8 million deterioration of EBITDA compared to the prior year, which was primarily driven by a volume shortfall caused by client losses which were only partially offset by new business.”
The report said: “The directors expect that the Yodel financial result for the year ending June 2019 will again be challenging. However with the appointment of John Hughes and other experienced parcel logistics operators, the Yodel business is being re-focussed on delivering a number of fundamental change initiatives that are expected to set the business on a profitable trajectory.”
The report also predicts continued strong volume growth for UK packets and parcels and says its focus is on the expansion of “Click and Collect” shopping via the Collect + brand which Yodel co-owns.