Hermes Parcelnet, trading as Evri, has released its latest set of accounts for the year ending February 2023. The company’s revenue remained flat at £1,464m to February 2023, compared to £1,465m to February 2022. For comparison, revenues in 2021 financial year were £1,450m.
The company stated that it was a strong performance considering the challenging macro-economic environment. It also said parcel volumes were affected by several factors including low consumer confidence, high inflation and the cost of living crisis.
The company secured new parcel volume wins and growth in its new markets, which offset the unwinding of covid lockdown volumes and the impact of the macro-economic environment.
The company’s operating profit (EBITDA) stood at £218m for the year to February 2023, compared to £262m to February 2022. The company reported that it is experiencing cost inflation, with pay, fuel and energy costs all increasing year on year. Pre-tax profits were £51m for the year, compared to £117m for the previous period.
Evri continues with its transformation plan which the company says has brought productivity initiatives across its network. This included a number of depot moves, along with the opening of the Barnsley hub, which led to short-term disruption and costs during the year.
Additional costs impacted on the bottom line, including £18m related to its rebranding exercise, £9m costs in respect of the international business start-up costs and £9m relating to other transformational and restructuring activities.