Palletforce said it expected the pallet network sector to flourish amid the economic gloom, after reporting an increase in revenue and profits within its operations.
It said that despite the overall uncertainty, Palletforce had grown its market share during 2024 and it had also increased the number of members in its network.
Turnover rose by 10% to £164.9m in the year ending 31 December 2024; pre-tax profit almost doubled from £5.3m in 2023 to £10.5m last year.
Palletforce said it had seen “healthy growth” across all its key metrics, which included pallet volumes, members, market share and service.
It said it was particularly pleasing that this had occurred despite challenges in the UK economy, such as fragile demand and increasing operating costs.
“The future looks bright for the UK pallet network sector and especially for Palletforce,” chief executive Mark Tapper said in a statement within the accounts.
“Economic uncertainty, increasing logistics costs and the continuing reduction in the number of quality logistics businesses are all reasons why the pallet network sector will flourish going forward.
“Pallet networks have positioned themselves within the logistics sector as a resilient and scalable model providing an alternative and sustainable delivery platform that is well placed to mitigate the effects of these industry issues and trends,” he added.
