Logistics network reports ‘extraordinary’ performance with 20% year-on-year growth

Wolverhampton-based logistics network Pallet-Track says a culture of “going over and above” among its members helped it post 19.7% year-on-year growth in 2021.

The network moved 4.2 million pallets last year, 700,000 more than 2020, enabling it to grow faster than the market.

In its unaudited accounts, Pallet-Track posted turnover of £133.8m and profit before tax of £6.7m.

Chief executive Caroline Green said the “extraordinary” performance was only possible thanks to Pallet-Track’s 89-strong shareholder members, and said that the key for 2022 was ensuring sustainable growth in line with demand.

“It’s a great opportunity to recognise the challenges and difficulties our network has endured in the face of unprecedented volume growth and resource shortages,” she said.

“Our network was set up with the ethos of ‘doing it right’ and this year’s extraordinary performance has only been possible as our members do right by us and each other, and we do right by them. The whole membership has displayed exceptional commitment and tenacity to deliver our service levels.

“The support our members are routinely offering each other speaks volumes about the sort of people we have in this network. It’s a team effort and members are at the heart of everything we do.

“However, we won’t be resting on our laurels and our ongoing success will undoubtedly be dependent on maintaining standards in the face of continuing volatility of demand.”

It was a year of change at Pallet-Track, with Green taking over the chief executive position from founder Nigel Parkes in February 2021, four months after joining as chief financial officer.

Parkes, who stepped down from the board after 19 years at the helm, had stayed in post for two years following private equity firm TPA Capital’s investment in the company.