Profits leap by almost 50 per cent at Wolverhampton freight firm Pallet-Track as revenue tops £150m
A West Midlands pallet distribution company has recorded a leap in profits of almost 50 per cent over the past twelve months, as revenues soared past £150m.
Bosses at Wolverhampton-based Pallet-Track have hailed an "incredible" set of results for the logistics firm, after accounts published today revealed record levels of growth.
In the 12 months to December 2024, the Pallet-Track Group generated a total revenue of £150.7 million, up £12.3 million, or 8.9% year-on-year, posting underlying profits of £7.4m, up 44 per cent to £2.3m.
In the 12 months to December 2024, Pallet-Track managed 4.1 million pallets, up 4.7%, on the previous year.
Bosses at the firm say major investments in technology have supported its growth, with improvements to tracking and visibility software, along with forklift truck safety, also boosting efficiency across its network.
This has been reflected in an overall gross profit margin of 56.1%, up 1.4% year-on-year, and a net profit margin of 12.3%, up 1.1%, year-on-year.
Pallet-Track’s operating profit of £3m is up £1.8m, a 140% year-on-year growth.
As well as significantly growing its income, the group also says it invested £1.8m in capital expenditure projects, the highest level of investment made by the group in a single year.
Stuart Godman, Chief Executive Officer at Pallet-Track, says the firm's success over the past twelve months has been down to a "tremendous partnership" with its shareholder members, delivering best in class service with improved efficiencies, resulting in increases in pallet volumes.
“This is an incredible set of results and an extremely exciting time for our Shareholder Network," he said.
"We are enormously proud to be delivering these levels of growth during particularly challenging times for the logistics industry.
“Pallet-Track used to be known as the best kept secret in the sector, however, we have demonstrated the power of our Shareholder Network, shown the strength of the brand and our vision and commitment of being an industry leader.
“We have a wonderful foundation for future growth, built on service excellence and this is further proof of the commitment of our fantastic colleagues and Shareholder Members who truly make it happen.”
