PalletForce grows by 25%
PalletForce plc reported a 25% increase in turnover to (pounds sterling)5.03m for the year ended August 31, 2005, compared with (pounds sterling)4.02m in 2004.
The Lichfield-based network’s pre-tax profit rose 7.0% to (pounds sterling)1.25m for the year, compared with (pounds sterling)1.17m in 2004.
The directors’ report said: “During the year the company once again made ground within the pallet network market. Members delivered in excess of 1.2 million pallets during the course of the year with an average of nearly 5,000 pallets per night.”
It said eight members joined the network during the year and it had 73 members at the year end. An internal share trading scheme was established.
PalletForce employed an average of 63 people in 2005, compared with 45 people in the previous year, an increase of 40%. The payroll costs, including directors, rose 35.9% to (pounds sterling)1.74m in 2005, compared with (pounds sterling)1.28m in 2004. Directors’ emoluments were (pounds sterling)285,062 for the year.
The network’s debtor amounts stood at (pounds sterling)739,774 for the year, compared with (pounds sterling)697,493 in 2004. Creditor amounts were almost unchanged at (pounds sterling)1.05m in 2005. It took 54 days to pay creditors in 2005, compared with 61 days in 2004.
The network paid total dividends of (pounds sterling)409,026 in 2005, compared with (pounds sterling)379,270 in 2004.
The turnover figure relates almost entirely to pallet handling fees charged to network members. The firm’s centralised billing system also administered network turnover of (pounds sterling)22.6m, up from (pounds sterling)18.1m, which is the stated turnover plus delivery charges between member depots.
PalletForce holds its annual general meeting next Thursday.
*****2005****2004****Change
Turnover ((pounds sterling))****5,028,684****4,023,339****+25.0%
Gross profit ((pounds sterling))****3,888,822****3,180,598****+22.3%
Operating profit ((pounds sterling))****1,125,986****1,106,196****+1.8%
Pre-tax profit ((pounds sterling))****1,254,306****1,172,208****+7.0%
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