Pallet-Track climbed towards the £140m mark last financial year, though pre-tax profits dipped
Pallet-Track is a pallet network comprising more than 90 shareholder members across the UK.
The Wolverhampton-headquartered company has reported a turnover of £138.3m in the year to 31 December 2023, up from £131.5m in 2022.
It generated pre-tax profits of £3.4m, down from £4.7m in the prior year.
A statement signed off by the board said: “Post-Covid recovery in 2021/2022, the business has seen volumes return to more normalised levels. Continued economic uncertainty, alongside increasing pressure on costs, continues to impact the business and its members.
“As part of its drive to improve performance, the board initiated a number of cost-down initiatives during Q4 2023. At the same time, the board agreed a multimillion-pound investment in its IT and operational infrastructure.
“The board will continue to implement its strategy in 2024. Significant investment in its IT systems and operational infrastructure to ensure it maintains the highest level of service for its members.”
A controlling stake in the business was acquired by TPA Capital towards the start of 2019.
More info on Pallet Track here https://pallet-track.co.uk/
https://couriernews.co.uk/blog/turnover-climbs-at-logistics-group-but-profits-dip/