Palletline set to invest in ‘success’ after best financial performance
Leading UK palletised freight network operator Palletline has seen its ‘best ever’ financial performance, and will be investing in future success.
In the year to the end of June 2021, turnover increased by 19.4% to £179.4m, which allowed the company to invest in property, its network, technological initiatives, and service.
Over the next two years, Palletline is investing more than £4.5m in property development, expanding its sites at Coventry and Birmingham as the business continues to handle the increased volume levels which have now become normal.
The company operates a multi-hub model, through which members can collect pallets from local customers and exchange them at one of its six hubs in Glasgow, Manchester, Leicester, Birmingham, Coventry, and North London.
Graham Leitch, Group Managing Director of Palletline said: “The multi-hub model has kept the business strong, enabling us to further enhance our IT and infrastructure instead of treading water to ride the pandemic out.
“Our logistics businesses have also continued to perform well and are making a strong contribution. Revenues generated by our owned operations increased by 18% to over £30m and this includes a 3-month contribution from Palletline Whitehead Limited, which we acquired in March 2021.”