Palletways saw both turnover and profit rise in the year to 31 May 2014, according to new accounts filed at Companies House.

Turnover – defined as the invoice value of goods and services supplied by the pallet network and including contributions from European licences – reached £146m, up 8% year-on-year (2013: £135m).

Pre-tax profit was £8m, an increase of 5% from £7.7m a year earlier.

The accounts also reveal that following a series of management changes and the appointment of its first UK managing director last year, Luis Zubialde, Martyn Young left the business last June.

Young was most recently MD of Palletways UK member network and had been with the company since April 2011. He has subsequently become the director of Ketra Logistics (from last October), which is based in south London and has O-licence for up to 28 vehicles and 28 trailers.

Ketra’s major shareholder is listed as Roger Alan Wood, who was previously a director of the company but stepped down last October.

Last autumn Palletways unveiled its new vision.