Howard Tenens Storage & Distribution saw a 20% drop in pre-tax profit last year after it lost customers at two of its depots.The Gloucester-based operator's financial results for the year ended 30 September 2012 revealed that it had lost business at its depots in Andover, Hampshire and Boston, Lincolnshire.

However, the firm said it secured two new customers later in the period, which it hopes will boost its figures for the 12 months to 30 September 2013.

Pre-tax profit fell to £1.9m, down from £2.4m in 2010/11. Its profit margin also dropped slightly from 5% to 4.3%.

Turnover decreased to £43.7m, down 8% from £47.7m in the previous financial year.

“Because of the continuing general economic situation, management remains dedicated to retention of the existing customer base,” the firm said in a statement.

Earlier this year the firm revealed that it was expanding capacity at its Swindon depot after winning new business.