United Pallet Networks (UPN) has returned to growth, boosting both turnover and pre-tax profit in the financial year to 31 March 2025, as both pallet volumes and membership numbers increased, the network’s latest annual results reveal.
Turnover for the year rose by 19% to £16m, compared to £13.5m in the previous year, whilst pre-tax profit for the year came in at £4m, up 42% from £2.8m in the prior year.
These latest results show UPN back on track, following the previous financial year (2023/24), when the network saw pre-tax profit almost halve as the spike in volumes driven by the Covid-19 pandemic lockdowns declined.
Commenting on the financial results, the company’s strategic review said: “The directors, therefore, believe the company’s position is satisfactory and are optimistic for the future, especially as the company’s current assets exceed its current liabilities by £4,563,907.”
It added: “The directors are confident of continued growth and long-term stability of the business, with pallet numbers and membership increasing.”
Turning to the future, the report said UPN is continuing to grow member numbers and the number of pallets moved on a nightly basis.
It added that the company plans to continue to develop its internal systems and IT infrastructure in the coming year.
UPN also continued to drive down its emissions during the year, according to the report, via its strategy to cut its electricity and water consumption, reduce landfill waste and increase recycling.
The report said the network has also increased the number of electric and hybrid fleet vehicles in the period, as well as migrating over to electric forklift trucks.
It added: “As a sector first, all deliveries through the network will be done on a carbon neutral basis, working in partnership with Carbon Neutral Britain to offset the CO2 emissions through accredited offset projects.
“Fully certified by independent bodies the company will be the first pallet network to offset its CO2 delivery emissions. In the first twelve months of carbon offset, approximately 28,500 tonnes of carbon were offset.”
A request for comment on its latest results has yet to receive a response from UPN.
