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Palletways Iberia to be ready 'in two months'
Page 7
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PALLET NETWORK Palletways plans to launch its latest Continental network, Palletways Iberia, within the next two months. This follows results for the year to 31 May 2005 which show pre-tax profits dented by substantial investment in its network.
Turnover rose from £65m to £71m hut pre-tax profit took a £1.3m hit, falling to £2.5m. Chief executive James Wilson blames this on the cost of opening a fourth sorting complex at its Lichfield hub and the start-up costs of its Central European Network (CEN) from a hub at Nijmejen.
-In our case, it wouldn't be correct to say our results are down due to tougher trading conditions, he says. "Our turnover has improved and will improve again next year.
"It is simply down to investing in the UK and on the Continent and trying to distinguish ourselves by turning ourselves into a UK and European network."
As well as the Iberian launch, Palletways has just signed up as a new member to the CEN,enabling it to cover Switzerland.