PUDO Inc. reports annual results
PUDO Inc., the company which is building a North America-based courier-neutral parcel pick-up and drop-off network, has reported its results for Fiscal 2017. Revenue for the year ended 28 February 2017 increased to $0.9m from $0.1m and gross profit was up to $0.6m from $0.1m. However, administrative expenses were up to $1.8m from $1.0m.
In a statement issued on Thursday (28 June), PUDO said: “The increase in administrative expenses primarily relates to the additional operating costs associated with the acquisition of Kinek, and investment in additional growth and technology enhancements.”
PUDO completed its purchase of Kinek on 3 March. Kinek is a border services company that permits members to ship parcels to addresses along the US border to be collected and carried back into Canada by the individual consumer. This service saves consumers money, and makes it possible to access retailers who do not ship outside of the USA.
PUDO’s net annual loss was halved: down from $2.6m to $1.3m. According to PUDO: “The reduced net loss was the result of non-recurring transactions costs incurred in FY 2016, together with higher revenue, gross margin, careful cost control and focus on the development of new revenue opportunities in FY 2017.”
The company said the increase in revenue is being driven by “year over year parcel volume growth of more than 900% throughout the network”.
PUDO added: “Without the addition of Kinek member parcels, PUDOpoint parcel volume grew 450% while the network expanded 230%. This indicates the traction being gained in the marketplace. During peak weeks in the Christmas 2016 shopping season, the Company’s network handled more than 19,000 parcels per week.
Frank Coccia, PUDO’s CEO, commented: “Our team is focusing on expanding our suite of services and we are looking forward to continued growth.”
