Howard Tenens Logistics saw its profits hit as a result of losses made by its subsidiary, Howard Tenens (West London) after two major customers’ volumes dropped by up to 90%.

Reporting its annual results to 30 September 2020, Howard Tenens Logistics said its diverse customer base and support from loyal clients has helped it weather the pandemic with turnover up by 13% to £74.8m (2019: £66.6m).

However its pre-tax profit plunged to £268,000 (£4.7m) after the company was forced to make a £3m impairment following deepening losses at subsidiary Howard Tenens (West London).

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Separate annual results from Howard Tenens (West London) for the same period show pre-tax losses increased to £651,000 (2019:£121,000) after volumes from two major customers dropped by between 80% and 90%.

As a result Howard Tenens Logistics made a £3m impairment against the investment value held for Howard Tenens (West London) in order to bring the investment value closer to the net asset value of the company.

Looking to the future, the report concluded that whilst the pandemic remains a risk to business the directors believe performance for the current financial year “will meet that of the previous year”.