J&J DENHOLM, the seafood to sea freight firm, has seen its profits fall in a year which saw its shipping division book an exceptional charge of £10.2 million.

Glasgow-based Denholm made a pre-tax profit of £10.1m in the year ended December 31, down from £22.7m the year before, according to accounts newly filed at Companies House.

The company said its oilfield services division, which serves the Caspian region, Middle East and the UK, delivered a “strong” operating profit of £15.7m prior to its demerger on September 30. However, its shipping business slipped to an operating loss of £4.8m – £7.9m worse than the year before – after booking an impairment provision of £10.2m against the carrying value of two new-build ships.