Mike Hancox, CEO of Yodel, comments,

I’m delighted that Yodel has successfully navigated the challenges of rising labour costs and high inflation in 2023 whilst continuing to support our retail clients and their customers with outstanding levels of service and re-shaping our business to perform strongly in growing categories.’ ‘In the coming year, our focus will be to consolidate on our recent investments in technology and to grow our Out of Home network, in response to the huge increase in customer demand for pre-loved products. Thanks to the convenience, personal service, security, and greater sustainability that this channel offers, growing numbers of customers are seeing the benefits of using this service.

• Strong service delivered in best peak for Yodel since the pandemic following investment in our customer app, with a Trustpilot score of 4.1

• Doubling of volumes through sustainable Out of Home network, with further growth to come in 2024 from our expanded multi-year partnership with Vinted and PayPoint

• Peak trading period highlights:

• Revenue in peak up marginally year-on-year after adjustment for the disruptive impact of the Royal Mail industrial action in 2022

• Growth seen in categories such as Alcohol (+8%), Pet Foods (+2%) and Re-sellers (+7%)

• Particularly strong growth in consumers choosing pre-loved items delivered through our sustainable Out of Home network, with volumes doubling vs 2022 Increased use of the Yodel app, with downloads up 30% in the last year, and improved proactive communication with customers reducing inbound enquiries by a third year-on-year during the busiest period, demonstrating great service standards, with customer satisfaction ratings up 6% year-on-year

• Strategic and operational highlights of 2023

• A new multi-year deal signed with Vinted and PayPoint to grow volumes in the sustainable Out of Home network

• New Head office in Speke, Liverpool

• New 135,000 sq.ft depot opened in Coventry – the largest within the Yodel estate

• £14m investment in fleet including 45 brand new tractor units and 120 double decker trailers, increasing capacity to manage growing demand and improving efficiency as part of an ongoing commitment to sustainability

• Yodel CIO awarded CIO of the year at the Women in Tech Excellence Awards. Customer query handling improvements recognised at the UK Customer Experience Awards

• Continued improvements to the customer app and investment in innovative technology. what3words launched for Yodel deliveries

• Over 3.5 million downloads of the Yodel app, up by 30% in the last year, and a Trustpilot score of 4.1

• Retained the Ministry of Defence Gold Covenant Award, recognising Yodel’s continued commitment as a top armed forces-friendly employer

• Additional locker locations deployed in the Out of Home network through partnerships with Paypoint and OOHPod, the Irish locker business

• Clearwater International appointed to conduct a strategic review of Yodel, including potential changes of ownership and strategic partnerships, which is ongoing

NB:

FY 2023 means the 12-month period to December 2023

Peak trading period means the 5 week period to 31 December 2023