UK Mail Group writes down the value of its pallet network

UK Pallets

UK Mail Group has written down the value of its struggling UK Pallets business, revealing a £7.3m impairment charge relating to goodwill dating from its purchase in 2003. The group took action after revealing that in the six months ended 30 September 2014, turnover at the pallet network fell 1.1% to £13.9m (2013: £14.1m). Operating profit plummeted 58.6% to £200,000 (2013: £600,000). UK Mail also conceded in its interim results yesterday, that UK Pallets was still suffering “gaps in the […]