Investment in continental expansion meant that margins slipped slightly at Palletways. The pallet network recorded a seven per cent growth in sales to £157.9m for the year to 31st May 2011 while EBITA was £6.4m compared to £6.8m in 2010.
Susan Hundleby, group finance director, said the profit figure was in line with expectation and reflected the group’s strategic investment in the German domestic operations and the pan-European network. “Our established businesses showed significant profit growth during the year.”
Hundleby pointed out that strategic developments over the past few years meant that 32 per cent of Palletways sales now came from its continental networks.
“While we continue to remain cautious due to the challenging economic climate and the situation in the Eurozone, we are excited about the potential of all our investments.
* Greenford-based Palletways London, has appointed five new staff: two new drivers, a traffic clerk and two sales staff.
The move follow the expansion of the company’s service offering to customers in the TW postcode area whereby small consignments of palletised freight will be collected from customers in the area for delivery across the UK, Ireland, Benelux, Denmark, France, Germany, Spain, Portugal and Italy.