Logistics firm celebrates record growth

Stuart Godman said the company had significantly grown its income

A distribution firm based in Wolverhampton has reported record levels of growth.

Stuart Godman, chief executive officer at Pallet-Track, which is based at Titan Distribution Centre in Millfields Road, said its latest accounts showed an "incredible set of results".

Figures showed a leap in profits of more than 44% for a 12-month period ending on 31 December 2024.

Mr Godman said volumes of pallets being distributed had increased, adding that in the past year, the firm had managed 4.1 million pallets, up 4.7%, on the previous year.

He said this was supported by major investments in technology, improvements to software and forklift truck safety, and increased efficiency.

'Enormously proud'

Pallet-Track Group had a total revenue of £150.7m, which was up by £12.3m.

He said the firm's adjusted EBITDA, which records earnings before tax, interest and other items - seen as a key measure of profitability - of £7.4m was up £2.3m, or 44.1%, the highest in the group's history.

Mr Godman said as well as significantly growing its income, the firm invested £1.8m in capital expenditure projects, the highest level of investment by the group in a single year.

He said: "We are enormously proud to be delivering these levels of growth during particularly challenging times for the logistics industry.

"Pallet-Track used to be known as the best kept secret in the sector, however, we have demonstrated the power of our shareholder network, shown the strength of the brand and our vision and commitment of being an industry leader."