Pall-Ex said it had seen double digit growth again last year, with turnover increasing by 19% to £140.4m from £117.5m in 2021.

The Pall-Ex group said this growth, along with significant improvements in the Fortec Distribution Network it acquired in 2020 and improved performances of its owned operations and European division, was dampened by buoyant market conditions during Covid returning to normal levels, as well as two fewer trading days than in 2020/21.

In the period ending 31 July 2022, it made a pre-tax loss of £139,000, which it attributed to existing amortisation costs from the acquisition of the group in November 2019 from Hilary Devey, ex-Dragons Den investor. “These acquisition costs continue to decrease in value each year as EBITDA profits continue to rise,” Pall-Ex added.

The company said EBITDA increased during the period by 7.8% despite the detrimental climate triggered by the pandemic, Brexit and the war in Ukraine.

“Furthermore, the Pall-Ex Group are now forecasting to double their EBITDA profits in the current trading year which ends in July 2023,” it said. “The financial strength of the Pall-Ex Group is forecast to increase significantly over the next five years and beyond while investing in employees and internally developed software for customers.”

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