Jan 28, 2021

Yodel boss hails delivery boom as group heads for first profit

Yodel boss Mike Hancox hailed the online delivery boom as the "Catalyst" for his company's changing fortunes as the UK courier heads for its first annual profit since its launch more than a decade ago. The group said revenue will exceed £535m for its financial year ending in June, up from the previously stated range of between £500m and £520m in its October update, delivering a strong annual profit. Yodel's deliveries between October and December rose 34 per cent compared with the same period in 2019 and Mr Hancox said the group had enjoyed "An incredible start to January . . . often a quiet time in logistics". Yodel has struggled to make a profit since it was spun out of Home Delivery Network Limited and DHL Domestic Express in 2010, which some analysts put down to fierce competition and high fixed costs. Mr Hancox cited Yodel's partnerships with Gusto and Hello Fresh as evidence of its growing presence in the food delivery market and predicted a resurgence in demand for fashion once lockdown restrictions are eased.

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