UK logistics company Pallet-Track has been identified as one of London Stock Exchange’s ‘1000 Companies to Inspire Britain’.
The 2016 report, published this week and backed by the Chancellor of the Exchequer, is a celebration of the UK’s fastest-growing and most dynamic businesses.
To be included in the list, companies needed to show consistent revenue growth over a minimum of three years, significantly outperforming their industry peers.
Pallet-Track, the only member of the Association of Pallet Networks (APN) to be included in the prestigious listing, has demonstrated consistent year-on-year growth since it was founded in 2004, even during the years of economic downturn.
The £85 million turnover business, which comprises 90 member companies,handles an average of 10,000 pallets per night at of its 270,000 sq ft hub in Wolverhampton and has never lost a single consignment, which founder and managing director Nigel Parkes puts down to award-winning technology and Pallet-Track’s corporate culture.
“This is a fantastic and unexpected award, but it highlights the hard work and determination of the business over the last 12 years,” he said.
“Year-on-year double-digit growth underlines a strategy of strong and sustainable expansion which has included the opening of a record-breaking southern hub to handle direct access to London and the south east, and a long-term partnership that opens up our European market.
“This is a considered strategy built around our people and our core values. Our staff retention is extremely high and we only enter business arrangements that make economic sense to Pallet-Track’s long-term goals. This often means not being first to market, the cheapest offer on the table, and sometimes having to walk away from contracts that are not sustainable to our business model. But this approach has proved successful in delivering strong growth and a clutch of prestigious industry awards, including this latest accolade from the London Stock Exchange Group.”
Xavier Rolet, chief executive, London Stock Exchange Group said: “High growth SMEs are the driving force behind the UK economy, developing the skills, jobs and growth we need. But ambition alone is not enough; their success must be highlighted and their growth properly supported with appropriate finance. That’s why today’s event is so important: demonstrating the strong alliance between UK Government, financial market participants, investors, entrepreneurs and companies to support these inspiring businesses.
“Today’s celebration is fundamental to London Stock Exchange’s core, the need to support UK high growth companies in their journeys from Start-up to Stardom and create an entrepreneurship revolution.”
Writing in the ‘1000 Companies to Inspire Britain’ publication, The Rt. Hon. George Osborne MP said: “UK high-growth businesses are leading the charge in rebuilding our economy. These companies are the backbone of the British economy. They create high-quality, well paid jobs, innovate and drive economic growth. This government fully understands the need to support ambitious entrepreneurs and ensure they can access the finance they need to grow.
“We have held the steadfast belief that – alongside deficit reduction – nurturing entrepreneurs, creating jobs, supporting hard-working families and keeping taxes low would get the UK economy back on track. Our measures to increase access to finance for business and encourage more investment have had a transformative effect on our economy.”
A full searchable database of all of the companies can be found online at www.1000companies.com.