Pall-Ex UK saw its pre-tax profit jump more than 200% in 2016 after results from its management restructure and growing membership began to take hold.

The pallet network recorded a pre-tax profit of £499,000 for the year ended 31 July 2016; a 205% increase on 2015's pre-tax loss of £474,000.

Pall-Ex MD Kevin Buchanan said: “There has been major investment in both the management structure and strengthening of the UK member network, with 11 new members choosing to join us.

"This has contributed to a reduction in the delivery coverage costs, which has also helped to bring about improvements to the wider quality of the delivery service."

He added that during the year Pall-Ex had also worked on its strategy for seamless pallet distribution across Europe as well as its IT offering.

Turnover for the year was down 32%, falling from £87m to £60m.

Buchanan said: “In comparison with the previous period, the results of the parent company HLD Holdings reflect the board’s prudency in providing for potential bad debts and its commitment to invest in both the management and IT development teams."

Pall-Ex recently appointed Ruth Moor as its group finance director, and Peter Paxton as finance director.

With the pair "working alongside a robust and focused senior management team, Pall-Ex is poised to further strengthen its position as the leading quality provider within the pallet network sector", according to Buchanan.

The business said goodbye to non-executive director Geoff Gillo at the beginning of the month, when he stepped down from the board after finishing his contracted three years at Pall-Ex.

Network CEO Hilary Devey said Gillo had played an "integral role in the transition of the new management team".