PalletForce grows by 25%
PalletForce plc reported a 25% increase in turnover to £5.03m for the year ended August 31, 2005, compared with £4.02m in 2004.
The Lichfield-based network’s pre-tax profit rose 7.0% to £1.25m for the year, compared with £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 1.2million 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 patrol costs, including directors, rose 35.9% to £1.74m in 2005, compared with £1.28m in 2004. Directors’ emoluments were £285,062 for the year.
The turnover figure relates almost entirely to pallet handling fees charged to network members. The firm’s centralised billing system also administrated network turnover of £22.6m, up from £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 (£) 5,028,684 4,023,339 +25.0%
Gross Profit (£) 3,888,822 3,180,598 +22.3%
Operating profit (£) 1,125,986 1,106,196 + 1.8%
Pre-tax profit (£) 1,254,306 1,172,208 + 7.0%
