PUDO sees revenue grow over 17% during 2Q as new services and partner volumes take off

PUDO Inc (CSE:PDO) (OTCQB:PDPTF) saw its revenue grow by 17.3% in its fiscal 2Q 2021 thanks to new partner volumes and the sale of additional services, according to results released Tuesday. The company – North America’s only carrier-agnostic parcel pickup and drop off network – generated C$246,701 in sales for the period ended August 31, 2020, compared to the C$229,971 it put up in the same quarter a year ago. Toronto-based PUDO said that the success of its additional services and partner volumes offset the decrease in parcels left at its PUDOpoint locations, as more first-time deliveries were successful because recipients are spending more time at home due to the pandemic. READ: PUDO reports massive increase in volume of returns designated parcels within its Canadian PUDOpoint Counters Network since July For the six months ended August 31, revenue increased to $583,318 – a 31.1% increase over the same period in the year earlier as a result of the increase in returns and third party logistics PUDO services. "Given the widespread upheaval that disrupted all levels of the supply chain and the e-commerce ecosystem these past six months, I am pleased that the company was able to maintain expansion plans and increase gross revenue for both of the last two quarters,” PUDO CEO Frank Coccia said in a statement accompanying the results. “This speaks to the soundness of our PUDOpoint Counters growth plans in general, and to the quality and stability of our major partner relationships. As we move into the fall and winter seasons and utilize our expanding network to manage what will no doubt be record-breaking e-commerce parcel volumes with or without COVID-related complexities, I believe we will see corresponding volume-based reductions in costs to deliver our suite of services." The firm’s net loss for the quarter narrowed 30.5% to C$336,268 or C$0.01, from $582,969 or $0.03 per share as a results of a reduction in administrative expenses. CEO Coccia said the company remains on track to activate 15,000 to 18,000 PUDOpoint Counters by the end of 2023. There are over 800 active points in Canada and a further 1,500 registered to become PUDO locations in the country. In the US, the firm has about 3,500 registered to become locations and has further access to about 26,000 locations. "I am supremely confident, having successfully negotiated these past six months, that our business plan is sound and that we are on the right path,” Coccia told investors. Shares of PUDO were trading at C$2.10 in Canada on Tuesday morning and at US$1.50 over the counter. Contact Angela at angela@proactiveinvestors.com Follow her on Twitter @AHarmantas