Last year was eventful for Palletline, with both the spring launch of Plus Logistics and the surprise departure of MD Kevin Buchanan in July (now succeeded by Graham Leitch).
On the latter both sides have, publically at least, not gone into detail about the reasons for the split, which is understandable enough.
However, Palletline’s latest accounts, for the year ended 30 June 2014, suggest that whatever led to Buchanan leaving the network he had run since 2007 it wasn’t to do with its financial performance.
Following on from a strong 2013, Palletline saw turnover increase 22% to £17.5m in its most recent trading year. This was attributed to a “significant” increase in hub volumes (up 24%) and a £1m increase in its wholly owned subsidiary London hub’s turnover.
Group operating profit increased 13.5% to £2.2m, while pre-tax profit was £2.09m compared with £1.7m a year ago. Business was good.
Member hauliers shared in this strong performance also, with a final dividend of 37.5 pence per share paid to them coming after an interim dividend of 17 pence per share.
One eye-catching line in the accounts however is £214,000 compensation for loss of office.
With the year running to 30 June 2014 that can’t be to do with Buchanan, and the only other senior departure that springs to mind of late is operations director Mark Pulford. However, Pulford (now with Pallet-Track) left the business on the 13 March 2013 ahead of this reporting period, so that doesn’t seem to tie-in either.
Palletline declined to comment.
Read our interview with Kevin Buchanan on his new role at Pall-Ex and what comes next.