United Pallet Network (UPN) more than doubled its profits last year and is looking to the future with optimism.

The pallet network generated revenues of £13.7m in the year ending 31 March 2022, 33% higher than the previous year, which it had described at the time as a “landmark”.

Pre-tax profit increased from £2.1m in 2021 to £4.8m last year, a rise of 127.5%.

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The company did not respond as we went to press but in a review of its business UPN said Covid 19 did not have a significant impact on the network and despite global concerns prompted by the pandemic, the directors were confident of continued growth and long term stability, with pallet numbers forecast to increase.

“The company continues to grow in respect of the number of pallets moved on a nightly basis,” it said.

"The company will continue to develop its internal systems and IT infrastructure in the coming year which will maintain UPN’s position as a market leader within our sector.

“To help continue with the expected growth, the company has invested in a second central hub at Fradley Park. This will allow the network to continue to grow in the forthcoming years.”