Palletline saw a strong start to 2026, with network volumes increasing by 10% in the first quarter, the pallet network has revealed, as it announced its latest annual results this week.
The member-owned business, which has its headquarters in Birmingham, said it generated £8.4m in net cash from operating activities during the year to 31 December 2025, ahead of forecast, following a restructuring programme completed in 2024.
Network volumes increased by approximately 2.5% during the year, despite challenging trading conditions, the group said, while operating profit rose by 58% to £3.5m.
Palletline added that the results represented the first phase of a five-year growth strategy.
The company has made a number of senior leadership changes this year, including the appointment of Carl Moore as chief executive in March.
He will formally take over from Graham Leitch on 1 July, with Leitch moving to the role of chairman.
Carl White has also joined the business as network director.
Leitch said: “Palletline has always been a business built on strong partnerships, shared values and long-term strategic thinking.
“The progress achieved over the last year reflects the commitment of our members, colleagues and leadership team across the network.
“I look forward to continuing to support the executive directors, Carl, Bali and Glenn as the business enters its next phase of growth.
“While we remain mindful of wider geopolitical and economic pressures, Palletline is very much flying the flag for the industry and in a strong position.”
Group CFO Bali Bandha said the business had strengthened its financial position while continuing to invest for the future.
“We have a robust balance sheet, strong cash generation and are pleased to be ahead of forecast, reporting a net cash positive position in 2025 — a full year ahead of plan,” he said.
“This gives us the confidence and capability to continue delivering against our ambitious five-year strategy.”
Group COO Glenn Baker said the network had maintained momentum into 2026.
“The resilience and performance of our network throughout 2025 has been extremely encouraging,” he said.
“Building on that momentum, Q1 2026 network volumes increased by 10%, and we remain on track for further growth across the year.”
Incoming chief executive Moore said he had been impressed by the network during his first months with the business.
“Palletline has a clear strategy, a strong culture and a solid foundation for future growth.
“I’m excited to work alongside our members and colleagues to deliver the next stage of our five-year plan and continue driving the business forward.”
Alongside its commercial plans, Palletline said it continued to focus on environmental, social and governance initiatives, including reducing emissions and progressing towards its long-term net zero targets.
