Freight distributor reports growth despite market challenges
Palletline, a Birmingham headquartered palletised distribution network has reported a solid performance in 2023, with a turnover of £197m, despite market challenges.
With a turnover of £197m, the company’s operating profit before exceptional costs surged by 96% and EBITDA grew by 12%.
Accounts show the firm’s profit figure stands at £2.1m.
In 2023, Palletline invested over £4m in technologies, launching the Palleteyes automated scanning and tracking system, Photo on Delivery, and the Half+ service in early 2024.
Palletline operates as a sole network owned and controlled by its members. Operating with a multi-hub model, members collect pallets locally and exchange them at regional hubs.
Graham Leitch, Palletline’s CEO, said: “2023 has undoubtedly been one of the most challenging years our sector has faced, however, the stability and robustness of our member-owned network has shone through, enabling us to deliver a strong performance.
“To be the trusted leader in palletised freight distribution, setting new industry standards in safety, service and sustainability whilst fostering a culture of innovation and collaboration will continue to be our goal. Whilst the contribution from our logistics businesses has been reduced due to increasing operational and energy costs, the group has devoted considerable time and resources to manage costs and deliver business improvements.
“This is already paying dividends and the indications for the coming year are looking positive with several commercial opportunities in the pipeline.”
