Growth Drives Forward At Palletways
Turnover and profits at a prominent logistics group have shot up in the first year since being acquired from its former private equity owner by a South African counterpart.
Palletways was sold by Phoenix Equity Partners to Imperial Mobility International, a wholly-owned subsidiary of Imperial Holdings, in 2016.
The Staffordshire-headquartered business provides pallet delivery services from more than 400 depots in 20 countries, including the UK & Ireland, Germany, Benelux, Spain, Italy , Portugal, Poland, France, Denmark, Slovakia and Czech Republic.
In accounts for Palletways UK for the 13 months to 30 June 2017, the company made a turnover of £241.4m (£222.8m on an annualised basis), up from £199.2m in the year before.
Pre-tax profits also rose from £13.7m to £20.1m.
Palletways also has UK hubs in London, Bristol, Edinburgh and Leeds.
A statement signed off by the board said: “The company’s strategy is linked directly to that of the Palletways Group strategy which continues to focus on being the ‘European Pallet Network’ of natural choice for the express distribution of palletised freight across Europe.
“This is a creditable performance that reflects continued investment to strengthen the business by supporting the network and its members by investing to ensure that the business remains the market leading express palletised distribution network in the UK.”