27 Nov 2020 Pallet-Track turnover breaks through £100m milestone
Award-winning logistics company Pallet-Track has seen its operating turnover increase to more than £100 million despite an ‘uncertain’ economic climate, according to its annual financial report.
The Wolverhampton-based pallet network has reported a turnover of £105.4m for the 12 months to 31 January 2020, up from £94.5m, although its pre-tax profits were down from £5.1m to £3.5m over the same period.
The board of the 90-plus shareholder member organisation, which was acquired by a private equity investor at the beginning of 2019, is encouraged by the business’s current performance and confident about its direction of travel.
A statement signed off by the board said: “The current Covid-19 crisis has introduced material uncertainty into the economy and there is a risk that both existing customers and potential new customers will reduce their levels of activity going forward.
“Although there was an initial impact on sales volumes in the two months of lockdown, activity levels have already increased and are currently exceeding the original forecast.
“This level of activity is expected to continue going forward.
“The directors are satisfied that their response to the Covid crisis has been both swift and decisive and are confident that sales levels and cash levels will remain strong.”
Nigel Parkes, founder and managing director of Pallet-Track, said: “This year has been a hugely challenging one but the performance of the business has been very encouraging.
“The fact our activity levels have not just recovered but actually increased compared to pre-pandemic levels is a testament to the hard work of everyone connected to Pallet-Track.”