FedEx Express UK saw turnover rise to £584.2m last year, as well as reporting a 39.3% increase in pre-tax profit.

For the year ending 31 May 2023 the parcel delivery service said the £123m increase in revenue came following the transfer of trade and assets received from fellow group company FedEx UK in April 2022.

Pre-tax profit increased to £38.3m from £27.5m the year before. Operating profit was 31% higher at £38.8m.

The company added that the average number of employees increased from 6,439 to 6,904 during the period, largely due to the transfer of staff from the fellow group company in 2022.

Last October, the government said it had awarded £150,000 to Bicester-based Electric Assisted Vehicles working in partnership with FedEx to develop a four-wheel, electrically assisted lightweight delivery vehicle as an alternative to petrol and diesel vans.