The continual move by the public towards online shopping during 2021 helped UPS increase its turnover to £1.2bn, latest results showed.

However, the 7% increase in revenues for the parcel delivery firm was not mirrored in its pre-tax profit, which instead reduced by 22.7% to £91.2m for the year ending 31 December 2021.

The company said its directors expected the pace of growth to slow now due to what it described as “a partial reversal of consumer shopping behaviours post-pandemic” but that it still expected long-term growth from the e-commerce market.

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UPS said it was focused on creating solutions to improve customer experience, accelerate deliveries and offer new services: “The company needs to continue to compete in order to continue to grow market share in the face of strong competition,” it said.

“The company must continue to manage its cost base and to provide quality service at a cost effective level.

“The risk the company faces is the ability of another company to offer the same quality of service for less cost.”