A pallet delivery services giant edged turnover closer to the £200m-mark during its latest financial year.

In accounts for Staffordshire-headquartered Palletways UK, the business reported a turnover of £190.2m for the year to 30 June 2018, up from £182.3m during the prior 12 months.

However, the company's EBITA slipped from £17.8m to £17.6m over the same period.

Palletways said the rise in turnover was mainly due to the continued expansion of the number of members bring increased pallet volumes. It added that the fall in EBITA reflected the "cost challenges" of maintaining a high quality service for its members and customers in a "highly competitive market".

The results are the second since the business was sold by Phoenix Equity Partners to Imperial Mobility International, a wholly-owned subsidiary of Imperial Holdings, in 2016.

The Lichfield-headquartered business provides pallet delivery services from more than 400 depots in 20 countries, including the UK and Ireland, Germany, Benelux, Spain, Italy, Portugal, Poland, France, Denmark, Slovakia and Czech Republic. 

Palletways also has UK hubs in London, Bristol, Edinburgh and Leeds.

A statement signed off by the board said: "Despite the upcoming Brexit process management believe the company is well positioned to continue to grow and develop the membership further in the following year."

Article and photo are sourced from Insider Media.