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Fedex UK saw its profits slide last year as it battled against the Covid-19 pandemic.

Its latest financial results for the year ending 31 May 2021 showed that operating profit fell by 59% to £5.3m.

Pre-tax profit also reduced by 52% to £7.2m.

However, the parcel delivery service saw turnover increase by 14.5% to £231m during the period.

In its business review, the company said revenue had increased predominantly due to a recovery following the initial negative impact of the pandemic at the end of Q4 2020: “The lower operating profit was the result of changes in the express operating model margins due to changed market circumstances resulting from the Covid-19 pandemic,” it added.

The company added that following the integration of TNT Express since its acquisition in 2016, its plan was to reduce the number of individual operating entities within the UK.

It said: “Under this plan, the trade, employees and related assets and liabilities of [Fedex] transferred to Fedex Express UK Transportation on 1 April 2022.

“From that date, operating activities continued unchanged within Fedex Express UK Transportation.”

The company did not respond for comment.

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