Pall-Ex slips into the red after “challenging” year
Leicestershire pallet network operator, Pall-Ex, has posted a small loss after a period of “challenging market conditions”.
For period from 1 February 2014 to 31 July 2015, the firm made a loss of £17,000 brought on by what itncalled “competing pressures of the European network” and “greater than normal churn in UK members”.
A spokesperon for Pall-Ex said: “Pall-Ex Group is committed to a strategic growth plan, aimed at strengthening our position as the network of choice in the UK and across Europe. This has involved a period of investment and some changes to the way we operate, including alterations to inter-member rates. This, coupled with challenging market conditions, has inevitably had an impact on our accounts.
“The sale and leaseback of our central hub in Leicestershire generated a profit of £4.2m. If you set that aside, both the main trading business (Pall-Ex UK) and parent company (HLD Holdings Ltd) experienced a drop in operating profit.
“This was fully anticipated as a result of our strategy and Pall-Ex remains a well financed, market-leading business.”
Pall-Ex was set up by TV personality and entrepreneur Hilary Devey. In June it long-standing finance director Martin Field resigned to be replaced on a temporary basis by non-executive director Geoff Gillo.
