Palletline delivers positive year as it lays strong foundations for growth
Leading UK palletised distribution freight network Palletline has delivered a positive financial performance in the year ending December 2023, against a backdrop of continued investment and ever-increasing market challenges.
In its latest financial year, Palletline’s turnover of £197m was consistent with the previous year – an impressive achievement when taking into account market volatility. Operating profit before exceptional costs saw a 96% increase and the company’s EBITDA increased by 12%, laying a strong platform for future growth.
Continuing its commitment to the development of innovative technologies, foundations were laid in 2023 with investments in excess of £4m. This saw the introduction of a plethora of exciting initiatives in early 2024 including the company’s next-generation automated scanning and tracking system Palleteyes – an industry first which quickly improved productivity and customer satisfaction. Other new initiatives introduced were Photo on Delivery and Palletline’s new Half+ service.
The company also achieved 100% network coverage to not only improve profitability but ensure stability and consistency across the network as well as safeguarding the industry leading standards of service for which Palletline is renowned.
Health, safety and compliance too featured highly with Palletline’s strategy with the company once again achieving a full line up of accreditations to include ISO9001, ISO14001, ISO45001 and 50001 together with a tenth RoSPA Gold Award.
Unique in the industry Palletline is the only network which is owned and controlled by its members. It operates a multi-hub model, through which members collect pallets from local customers and exchange them at one of its regional hubs.
In a bid to maintain its market leading position, Palletline has set itself a mission to deliver logistics solutions of the highest quality and efficiency via its member network of profitable, service-driven transport specialists.
Graham Leitch, Palletline’s CEO, said: “2023 has undoubtedly been one of the most challenging years our sector has faced, however, the stability and robustness of our member-owned network has shone through, enabling us to deliver a strong performance.
“To be the trusted leader in palletised freight distribution, setting new industry standards in safety, service and sustainability whilst fostering a culture of innovation and collaboration will continue to be our goal.
“Whilst the contribution from our logistics businesses has reduced due to increasing operational and energy costs, the group has devoted considerable time and resource to manage costs and deliver business improvements. This is already paying dividends and the indications for the coming year are looking positive with a number of commercial opportunities in the pipeline.”
Going forward, the group will maintain its focus on its core business and seek collaborative and investment opportunities when they arise.
Graham concluded: “We will continue to exercise strong financial controls enabling us to ensure we are able to continue to invest in the network and foster further growth for the benefit of our members.”
