Palletways group announces 7% growth in turnover for the year to 31 may 2011

Palletways, Europe’s largest dedicated palletised express freight network, has announced a 7% growth in group turnover for the 12 month period to 31 May 2011.  Palletways, which offers collection and delivery services across 11 European countries, saw group revenues increase by £10.4m from £147.5m to £157.9m.

 

Commenting on the results, Susan Hundleby, Palletways Group Finance Director, said: “The strong 7% increase in our group turnover is a consequence of the continuing growth in all of our businesses despite the challenging economic climate across Europe.

 

“Our strategic developments over the last few years mean that 32% of our group revenue now comes from our continental European networks.  The group EBITA for the year was £6.4m (2010: £6.8m).  Whilst the profit is slightly down on the previous year it is in line with expectation.  Our established businesses showed significant profit growth during the year and these results demonstrate our ongoing strategic investment in our German domestic operations and in the pan-European network, operated by Palletways Europe GmbH.

 

“Whilst 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.  Our new German network gives Palletways the opportunity to provide services to customers in Europe’s largest logistics market.  We have also implemented our ground breaking Palletways Archway Scanning System in the UK – the first in the logistics sector.  In addition Palletways Europe GmbH is launching its new market leading premium+ 48 hour delivery service between Germany and the UK.  These developments enhance our service offering and open up new business opportunities for our customers and members.”

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