Leicester-based packaged chemicals logistics provider HW Coates Holdings has described its financial performance in the year to 31 December 2012 as "satisfactory" - despite raising its profit before tax by 34% over the previous year.

The firm, which raised turnover by 4% during the year from £32.9m to £34.3m, reported profit before tax of £8.1m, compared to almost £6.1m in 2011.

Most of it came from subsidiary HW Coates, which separately reported profits before tax of £8.1m for the year on a turnover of £26.6m, and is shown in HW Coates Holdings' accounts as contributing £6.6m to its parent.

There was also a significant contribution from The Hazchem Network, in which HW Coates Holdings has an indirect interest of 84%, of £173,000.

A further subsidiary, Coates Scotland, turned in a loss of £48,000.

HW Coates Holdings employs just over 280 staff and derives all of its turnover from domestic UK work, making around 500 vehicle deliveries a day.

MD Tom Coates declined to comment on the firm's results but in their financial report, HW Coates Holdings' directors said they "anticipate continued satisfactory performance in the coming year".

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