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Thursday, 05/05/2022 10:05:05 AM

Thursday, May 05, 2022 10:05:05 AM

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ParcelPal Logistics Inc. Reports Fiscal Year End 2021 Results Highlighted by Record Revenue Numbers and Record Margins
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Wed, May 4, 2022, 3:16 PM

https://finance.yahoo.com/news/parcelpal-logistics-inc-reports-fiscal-221600360.html

Overview

In FY 2021, the Company expanded into new geographic areas and again achieved record revenue numbers, which was driven by annual revenue growth of nearly 19% to approximately $7.5 million (up from $6.3 million in FY 2020). The Company also entered into the Unites States market in September 2021 with its first acquisition. It is important to note that in 2021 we only recognized just over three months of revenue from the acquisition, but will get the benefit in 2022 of the full year of U.S. operation revenues in 2022.

Some additional highlights of the year included the Company delivering well over 3 million packages, an increase in business with Amazon and onboarding new customers in the B2B space to both further diversify and grow our customer base, while increasing operating margins.

Additionally, we completed two capital financings, opened our first warehouse in the Vancouver area in June 2021, added to our bench strength with additional staff members, and acquired numerous vehicles as we expanded into new markets.

"The past year’s actions we took to increase our revenue, increase our operating margins and diversify our customer base have placed our Company in a better position to deliver value to our customers during the crisis caused by the COVID-19 pandemic, and beyond," said ParcelPal’s CEO Rich Wheeless. "During a time when we have seen massive layoffs globally, our lean, nimble and talented team has managed to provide world class service while we continue to onboard new B2B clients. We also hit our largest milestone to date with our first completed acquisition in the United States, which we are using to rapidly expand operations in the United States. I am most proud of the fact that we are better capitalized to execute the Company’s expansion and growth plans, including a continued expansion through organic growth, strategic transaction and/or acquisitions, which we will update as these items develop and consummate."

Click on the link for Financial and Quarterly Highlights.

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