UPS rallied last year after seeing a fall in both pre-tax profits and turnover in 2019, according to its latest annual results.

In the 12 months to 31 December 2019, the UK arm of the US parcel delivery giant UPS Inc, saw its turnover fall to £1bn (2018: £1.1bn) in the period, with pre-tax profits also falling to £93.4m (2018: £102.2m).

However the company’s performance improved in the first half of 2020 after an initial rocky start, according to the directors’ report to the annual results.

The report states: “Following an initial decline in trading performance at the beginning of the pandemic, year to date results as at 30 June 2020 are now back in line with the same period in 2019 and the company is in a strong net asset position.”

The report added that the directors have “obtained indications” that UPS parent company UPS Inc, “will continue to make sufficient financial resources available to the company”.

Capital commitments in the period included £12.7m relating to a new UPS hub being built at East Midlands Airport, which is set to open this month.