logo-loader
viewPUDO Inc

PUDO sees full year revenue rise 34% driven by overall parcel volumes, new services

For its fiscal year ended February 29, 2020, the company reported revenue of $1.1 million, compared to $832,885 in fiscal year 2019

PUDO Inc - PUDO's fiscal 2020 full rear revenue up 34.6% driven by overall parcel volume and new services
PUDO is North America's only carrier-neutral parcel pick-up and drop-off counter network

PUDO Inc (CSE:PDO) (OTCQB:PDPTF), North America’s only carrier-agnostic parcel pick-up and drop-off network, posted full-year results on Friday that saw its revenue jump 34.6% year-over-year on the back of increasing parcel volumes and new services.

For its fiscal year ended February 29, 2020, the Toronto-based company reported revenue of $1.1 million, compared to 832,885 in fiscal year 2019.

The company said the revenue bump could be attributed to a “significant increase in Failed First Attempt parcel volume and new PUDO services launched in FY 2020 offset by a 10.9% decrease in member shipments.”

READ: PUDO launches GiveBack Canada to give people the tools to donate clothing to charity during the coronavirus pandemic

PUDO narrowed its full-year net loss to $2 million for the year, with basic and diluted loss of $0.08 per share, compared with a net loss of $3.4 million, with basic and diluted loss of $0.18 per share for the year ended February 28, 2019.

The company reported a full-year gross profit of $0.6 million, a 7.9% rise compared to the 2019 fiscal year. However, as a percentage of revenue, the gross profit in FY 2020 decreased 54.1%, due to a shift of revenue from border member shipments towards partner shipments which have greater direct costs.

"Overall, and notwithstanding economic and pandemic-related supply chain factors outside of our control, I am very pleased with the growth and performance of the company as it relates to expansion, and to increasing pay-as-you-go services with existing and new partners,” PUDO CEO Frank Coccia said in the results statement.

“We navigated some major adjustments this past year to streamline productivity and reduce operating expenses, and we successfully executed some long-awaited trials with major players. We are very well positioned to leverage this traction and accelerate PUDOpoint activations, parcel volume, and revenue," he added.

While the company continued to strategically manage the growth and development of the network throughout FY 2020, overall parcel volume increased by 25.3% compared to the year ended February 28, 2019

Parcel volumes during Q4 FY 2020 increased by 56.8% compared to Q4 FY 2019 and partner shipments increased by 98.5% in the same quarter over the same period in the year earlier. During the same time, member shipment volumes were down 1.9%, as a result of reduced cross border shopping demand.

In FY 2020, partner shipments represented 65.3% of the company's total parcel volumes, up from 51.2% in the prior fiscal year.

During FY 2020 total Failed First Attempt (FFA) parcel volume increased by 39.6% over FY 2019, while during Q4 FY 2020 FFA parcel volume increased 49.4% as compared to FFA parcel volume in Q4 FY 2019.

Large opportunity

The company said that despite the global disruption to the e-commerce supply chain caused by the early 2020 onset of the coronavirus pandemic, “e-commerce as a whole and logistics in particular, adjusted at lightning speed” to recover and gain considerable ground.

“This underscores the importance of relationships and network integration during the critical last-mile,” the company noted.

In leveraging these sensibilities with consumers and like-minded business organizations, PUDO said it has a “wide-open opportunity” to grow its business from a consumer membership level, and by default involve the “many e-commerce ecosystem players that those consumer members conduct online business with; including those overseas.”

Contact the author Uttara Choudhury at [email protected]

Follow her on Twitter: @UttaraProactive

Quick facts: PUDO Inc

Price: 1.17 CAD

CSE:PDO
Market: CSE
Market Cap: $31.02 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of PUDO Inc named herein, including the promotion by the Company of PUDO Inc in any Content on the Site, the Company receives from said issuer...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Pudo sees a 46% increase in revenue as E-Commerce numbers continue to rise

Pudo (CSE: PUDO) CEO Frank Coccia joined Steve Darling from Proactive to share news the company saw a big jump in revenue rising by 46%. Coccia talks about what drove that revenue. Coccia also told Proactive about the continued rise in E-Commerce and how Pudo is solving logistic problems as...

1 day, 3 hours ago

3 min read