Yodel has said it is on target to turn a profit for the first time since it started trading in 2010, following the departure of its chief executive Neil Lloyd.

Turnaround specialist Lloyd joined the company as the chief executive just two and a half years ago, when he said his key aim was to improve the company’s public image.

In a statement, executive chairman Dick Stead thanked Lloyd for his work during his time at Yodel.

He said: “Neil was appointed in 2013, and has used his financial turnaround experience to create a sustainable business which is on target to make a profit this financial year. Having completed his goal, Neil is now looking for a fresh challenge.

“We would like to extend our thanks to Neil for his energy and commitment in the role and wish him all the best for the future,” commented Dick Stead, executive chairman of Yodel.

Keith Basnett and Tony Grace will act as interim chief executives while Yodel looks for Lloyd’s replacement.

Earlier this year it emerged that Yodel had missed its self-set target of turning around a profit in its fifth year of operation, instead making a loss of £73m, which is equivalent to losing £1.4m a week.