Pallet-Track blames economic uncertainty for slide in profits

Latest figures from Pallet-Track showed that the network made a pre-tax profit of £4.7m last year, down from almost £7m in 2021.

Revenues also slipped by £2.3m to £132m from almost £134m the year before.

However, Pallet-Track said its hub revenues grew by 3% during the period, primarily due to an increase in hub transshipment fees, and network delivery revenue increased by 7%.

In a review of its business, the pallet network said: “Economic uncertainty impacted activity in the year with results below that expected.

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“The board is confident in its expectations for the coming year and will continue to invest in the development of the company.”

It added: “Post Covid recovery in 2021 increased activity beyond that expected and this continued into early 2022. However, the energy crisis, cost of living increase and conflict in Eastern Europe suppressed activity for the remainder of the year.”

Last month, Pallet-Track replaced chief executive Caroline Green with Stuart Godman, who previously held senior roles at DX Group, Absolutely, Connect Group and Target Express.

The network did not respond as we went to press.

The post Pallet-Track blames economic uncertainty for slide in profits appeared first on Motor Transport.

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