UPS said macroeconomic factors in the UK were to blame for a 6% decrease in revenues at the package delivery company.
Latest figures, which cover the period ending 31 December 2023, showed that turnover reduced from £1.2bn in 2022 to £1.1bn the following year.
Pre-tax profit also fell, by 19% from £99m to £81m, with operating profit sliding to £75m (£98m).
A breakdown of revenues by geographical location showed that the company generated £360m during the period in the UK (£386m), with £447m from Europe (£483m) and £306m from the rest of the world (£316m).
In a review of its business it acknowledged that the reduction in turnover was as a result of “the ongoing negative macroeconomic impact seen throughout the UK in 2022 and 2023”.
UPS added that it expected the pace of decline to slow as interest rates fell and consumer shopping behaviours returned to consistent levels.
