Parcels carrier Yodel has said it expects to make a pre-tax profit in the financial year-ending June 2021, after revealing details of a 16% increase in volumes between July and September of this year.
In what is the first quarter of its financial year 2020 Yodel said that as a result it was projecting revenues of between £500 million and £520 million with EBITDA expected to be positive.
In financial year 2019, ending 30 June 2019, its turnover rose 4.3% from £403.4 million to £420.6 million, and its pre-tax losses narrowed from £111.8 million to £67 million.
Yodel Chief Executive Mike Hancox said: “Our 2019 accounts reflect a business entering a major turnaround. What they do not show, however, is the unprecedented, profitable growth we have experienced in recent months.
“Thanks to the adaptability of our network and the tireless efforts of our colleagues, we have performed exceptionally well so far this year and expect EBITDA will deliver a strong positive result in FY21.”
Earlier this year it revealed plans to transition from its existing NDC in Shaw, Greater Manchester, into an as-yet-undisclosed site in the North of England over the next five years.
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