Palletline saw total turnover increase by almost 68% to £301.2m in the 18 months ending 31 December 2022.

Revenues generated by its logistics subsidiaries rose by £40.1m to £70.1m during the period.

The network said its extended accounting period followed a review of Palletline’s internal processes in 2022, when the board and members took the decision to change its accounting period to run from January to December instead of July to June in order to fall in line with all other reporting mechanisms in the business. 

Group MD Graham Leitch added that following millions of pounds of reinvestment to achieve full coverage it had still broken even.

“This is a fantastic achievement considering the current economic landscape in the UK,” he said.

However, Palletline acknowledged it had traded through a volatile period, with the market having experienced a significant increase in volume throughout the Covid period which continued throughout the first 12 months of Palletline’s financial reporting period.

Read more

During the financial period a number of economic factors then stymied growth, including the energy crisis, the war in Ukraine, an increase in interest rates and talk of a recession.

Palletline said this resulted in a change in consumer spending, which for the last six months of the period had resulted in a slight decrease in volume.

Despite this, it said it was in a strong position and was forecasting growth in 2023.

Leitch added: “We have now fully eliminated our caretaker costs – a unique feat in the industry and we are the only network with 100% national member coverage.

“Turnover remains strong and we are feeling positive and excited about growing the business over the coming months and years.

“We are already ahead of forecast this year and on track for record profitability into 2024 and beyond thanks to our strong commitment to forward planning.”