Otto Group reports rise in revenue and profitability
The international retailer and services provider Otto Group – which owns the delivery company Hermes – has reported a rise in both profitability and revenue for the 2016-17 financial year. In a statement issued yesterday (17 May), Otto Group said that its revenue for the year was up by 3.4% to €12.5bn, which it said was “the equivalent of 5% turnover growth on a like-for-like basis”.
The Group said that it will “target its investment towards Group companies which are trusted to achieve especially good performance and high growth in business models recognised as having future potential”.
As a result, Otto Group will be concentrating on key e-commerce areas and it also identified Hermes Europe as one of its “focus companies with high investment and growth expectations”.]
The Otto Group statement added that the Hermes Group raised external sales by 4.9% to €1.574bn in FY 2016-17. “Adjusted for exchange-rate fluctuations, the Hermes Group in fact grew by 11.3%,” added the Otto Group.
