Newly-formed Howard Tenens Logistics generated £36.4m in turnover in its first six months of trading, following a restructure of the group that saw it hiving off its property and distribution divisions.

In the year ended 30 September 2018, the warehousing and logistics company also reported a pre-tax profit of £298,000, resulting in a 1% margin that provided an increase in shareholders’ funds of £491,000.

Howard Tenens Logistics was incorporated in November 2017 and on 1 April 2018 it acquired the trade and net assets of the business relating to warehousing and distribution from parent Howard Tenens.

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In its business review for the six-month period, the company said the incorporation of Howard Tenens Logistics to provide “a focus on the logistics activities of the wider group has been beneficial to management and to the wider stakeholders, operationally [it] has been ‘business as usual’”.

Meanwhile, parent Howard Tenens said group turnover had risen by 20% to £94m in the year ended 30 September 2018, thanks mainly to occupation of new properties it had recently acquired or constructed, as well as “significant new contracts” in its logistics division. Pre-tax profit was £30.8m.

The company did not respond to a request for comment.