Livestock auctioneers and finance company H&H Group has reported a 40% increase in pre-tax profits.

The Carlisle company saw group profits for the year to 30 June increase to £977,000, while turnover was up by 3.6% to just over £9m.

There was particularly strong performance in the group’s finance business and its farmstock division, which benefitted from higher market prices and an increase in market share. Excellent pedigree sales also helped achieve a total throughput of almost £100m.

The downturn in property markets held back H&H group’s estate agent and chartered surveying businesses and premiums in its insurance division remained under pressure.

“Any recovery we are seeing in property markets remains fragile and much will depend on the politicians’ ability to manage the economy out of difficulties,” said group chief executive Brian Richardson.

“We have continued to invest in all our businesses and at the Borderway site at Carlisle have made a significant investment of £350,000 in a new roof to cover all the penned area and renewing pens.”