The Palletways Group has announced a 32% growth in its annual turnover for the 12 month period to 31 May 2008.

The UK company has grown by 17% with the remainder of the growth coming from the ongoing expansion of Palletways’ continental European networks.

The consolidated operating profit before amortisation of goodwill has increased from £2.9m to £4.4m as Palletways continues to invest in and develop its European networks.

Commenting on the results, Susan Hundleby, Palletways Group Finance Director, said: “Palletways has demonstrated growth in both the UK and continental Europe despite a highly competitive marketplace and has used this growth to invest further in the network to provide ongoing improvements for its customers and members. The Group continues to invest in all areas of its business but particularly in the development of pan-European services between the countries we cover. This important step in the development of the business allows members to provide domestic and pan-European delivery to their customers through a single IT platform with full “track and trace” functionality.”

Commenting on the current financial year, Susan Hundleby said: “Whilst the economic conditions have become more challenging the Group continues to grow, evidencing the strength and competitiveness of the business and the benefit of European expansion. We remain very optimistic about the future growth potential, and we feel we are ideally placed to offer a highly competitive and flexible delivery solution in the current economic climate. Indeed, increasingly we are seeing signs of new business opportunities as companies continue to review their logistics provision with the aim of driving costs out of the supply chain. Moreover, as the only dedicated pan European network, Palletways Europe GmbH is ideally placed to help UK companies take advantage of the weak pound and expand their export business. Indeed in response to these future growth opportunities we are continuing to expand our network of members.”