Yodel reports major losses for 2018 and predicts “challenging” results for June 2019
Yodel Logistics’ annual report for the year ended 30 June 2018 – which was made available on the UK Companies House last week – showed a loss of £111.8 million, compared to a loss of £81.9 million for the year ending 30 June 2017.
Revenue was down from £409.8 million to £403.4 million, according to the company’s annual results.
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.