Parcel delivery giant UPS saw its pre-tax profit almost halved in 2024, which the group attributed to an “ongoing negative macroeconomic impact” in the UK.
In its latest annual results for the year to 31 December 2024 the US-owned group revealed a marginal fall in turnover to £1m (2023: £1.1m).
However, pre-tax profit tumbled by £38m, coming in at £43m - 47% less than the £81m pre-tax profit the company delivered in 2023.
A breakdown of revenues by geographical location showed that the company generated £337.1m in the UK in 2024, down from £359.5m the previous year, with £398.7m of revenue coming from Europe, down from £447.1m in 2023, whilst revenue from the rest of the world came in at £272.3m, down from £305.5m in the previous period.
UPS specialises in time-definite delivery services for express letters, documents, packages and palletised freight via air and ground services as well as providing logistics and customs brokerage services.
All its services, which include air, ground, domestic, international, commercial and residential, are managed through a single, global smart logistics network.
In its review of its latest financial results the company remained positive about its future performance.
The review attributed the fall in turnover and pre-tax profit to “the ongoing negative macroeconomic impact seen throughout the UK in 2022, 2023 and 2024”.
It added: “The directors expect the pace of decline to slow in 2025 as interest rates fall and the consumer shopping behaviours return to consistent levels.”
Looking to the future, the company said it is ”focused on creating innovative solutions to improve the UPS customer experience, accelerate deliveries and offer new services to meet growing and diversifying demands from customers”.
