Apologies for the delay in replying, but I've just spent a couple of days rebuilding my system and, as I don't normally use Outlook, I had to set that up as well for testing.
I've just completing testing using the '
Mailmerge Hyperlink ‘Click Here’ Insertion' process outlined here:
https://www.msofficeforums.com/mail-...ps-tricks.html and found that the hyperlinks inserted into the HTML emails all point to the correct addresses (i.e. a different address for each record). Therefore, you should be able to do the same.