Evri profits slump 47% after £8m back pensions payments charge

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The delivery company Evri, formerly known as Hermes, paid more than £8m in back pensions payments for more than 6,000 of its drivers last year after pressure from the retirement savings watchdog and the GMB union.

Article originally published by The Guardian. Hargreaves Lansdown is not responsible for its content or accuracy and may not share the author's views. News and research are not personal recommendations to deal. All investments can fall in value so you could get back less than you invest.

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30 Oct 2023

The delivery company Evri, formerly known as Hermes, paid more than £8m in back pensions payments for more than 6,000 of its drivers last year after pressure from the retirement savings watchdog and the GMB union.

The pensions charge emerged in accounts filed at Companies House last week, showing profits slumped 47% to just under £81m, despite only a 1.4% fall in sales last year as shoppers returned to stores and ordered less stuff online.

The company said its profit figure was “a reasonable performance in the context of challenging trading conditions” but it skipped paying a dividend, after handing investors £150m a year before.

Evri said it had faced higher costs on energy, fuel and wages as well as “resource shortages” – understood to mean a lack of suitable drivers – but the volume of parcels it handled had remained steady