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P FINANCIAL RESULTS
Page 14
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Palletways remains in the red
FREIGHT PALLET network Palletways saw its turnover rise by 15%, but continued to make a pre-tax loss in its latest annual results.
The company's turnover broke through the £100m mark for the first time, with continuing operations generating £105.4m in the year to 31 May 2007, against £91.8m the year before. Pre-tax losses fell slightly to £4.07m from £4.12m.
The group continued to expand during the financial year, notably by buying Palletways Italia. Palletways now has 250 sites across Europe, handling a total of 80.000 pallets a week in nine hubs.
Susan Hundleby, Palletways group finance director, says: The reporting period saw the successful transfer of the Palletways business model into the Spanish market. Key investments included the rolling out of a new central hub facility in Alcala de Henares, near Madrid."