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Palletways remains in the red despite expansion
Page 50
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PALLETWAYS GROUP saw turnover rise but losses increase as it expanded its operations in the UK and on the Continent.
The pallet distribution network reported a turnover of £91.8m in the year to 31 May 2006 compared with £60.4m in the 10 months to 31 May 2005. Pre-tax losses went from £2.6m to £4.1m.
During the same period Palletways made two acquisitions.
First, it acquired the trade and assets of the London hub and member operations from City Pallets Ltd with total costs of £136,000.
Second, Palletways (Europe) acquired 75% of the share capital of Palletways Iberia for £2,114,representing 75% of the book value of its net assets. Palletways Iberia was not trading when it was bought, but the purchase resulted in £110,000 of costs for the group.
The company says the growth in turnover was a result of both volume and rate increases as well as the new London operation and the full-year of benefits of the Dutch operation.
"The South-East network operation [centred at the London hub] will provide a platform for inbound deliveries from the Continent. The group has made further investment by absorbing delivery costs into postcode areas not covered by membership agreements both on the Continent — where we are developing our central European network—and in the UK."
The company aims to continue expanding its operations across Europe.