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14 September, 2021

Pallet-Track sees profits leap by more than half in 2020

14 September, 2021

Despite volumes being hit by the first Covid-19 pandemic lockdown last year, the boom in e-commerce has seenPallet-Track rally to deliver a 57% leap in pre-tax profit.

Reporting its annual results to 31 January 2021, the pallet network, which has over 70 shareholder members, revealed that hub revenue jumped by 9.5% to £18.5m (2020: £16.9m) in the period, with network delivery revenue rising 4.8% to £92.9m (2020: £88.6m). Total revenue for the year came in at £111.3m, up from £105.5m, with pre-tax profit rising 57% to £5.5m (2020: £3.5m).

In its strategic report on the annual results, the company said it is confident the network will continue to perform strongly this year. It stated: “Although there was an initial impact on sales volumes in April and May 2020, activity levels increased and exceeded the original forecast in the year. This level of activity is expected to continue going forward.”

It added: “The directors are satisfied their response to the Covid crisis has been both swift and decisive and are confident that sales levels and cash levels will remain strong.”

Read full article here.

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