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Palletline made a loss in 'challenging year'
Page 6
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PALLET NETWORK Palletline made pre-tax losses of almost £800,000 for the year ending 30 June 2005. But the firm says it has made a profit of nearly £500,000 in the first half of the current financial year.
Thechairman'sreport describes 2004-06 as a "challenging year": "Despite increasingly tight cost control, theweaker-than-expected revenue position plus some exceptional costs led to a significant trading loss for the year."
He also cites the cost of exiting its corporate sales operation and slower-than-expected growth in its London operation. "London has continued to prove both difficult and costly to serve. The new depot made a loss of £337,000 in its first year."
Extra volumes failed to materialise at the firm's second Birmingham hub. The lease was terminated early but still cost the network about £700,000.