Politics

Parcels2Go creates 80 jobs as revenue rockets and profits jump thanks to pandemic bounce

Revenue rocketed by almost 70% at one of the UK’s largest courier comparison sites while its profits nearly quadrupled during its latest financial year, new documents have revealed.

Parcels2Go, which is headquartered in Bolton, has reported a gross revenue of £174.5m for the 12 months to March 31, 2021, up from the £103.2m in posted for the prior 12 months.

Its revenue, on a statutory basis, also jumped from £92.9m to £148.1m.

READ MORE: Online4baby benefits from online switch as it eyes sales of £100m

The group’s pre-tax profits, according to newly-filed documents with Companies House, increased from £2m to £7.4m.

During the year the number of people employed by the business jumped from 219 to 299.



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In June 2021 it was announced that EQT Private Equity (EQT) had acquired a stake in Parcel2Gofrom Mayfair Equity Partners, its management and a number of shareholders.

A statement signed off by the board said: “The business benefitted from a significant uplift in trading activity as a result of increases in e-commerce during the Covid-19 pandemic.

“Growth in group revenues reflects strong growth from all divisions.

“[The business] is well positioned to benefit from growth in e-commerce and the gradual erosion of the Post Office’s market share and, through its scale advantage, to continue to offer highly-competitive pricing in all its markets.

“Although the one-time effect on revenues of Covid-19-reated lockdowns may abate, the directors anticipate the longer-term organic growth trends in the UK market will continue, alongside an increase in the number of volume of white label operations in the UK and international markets.”



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