Profit rise for H & H Group

The H & H Group, based in Carlisle, has reported record profits for the first six months of the year to December 2009.

Profit before tax of £872,000 was up £418,000 on the previous year, with turnover up 12% at just over £5m during the six-month period.

“The economy remains difficult, but these results demonstrate the strength of the group with all but one of our (seven) businesses trading ahead of last year,” said group chairman Alan Bowe.

Chief executive Brian Richardson said Harrison and Hetherington, the livestock enterprise, had had an exceptional six months due to higher livestock values. It had also increased market share against its competitors in the sector.

“The other businesses within the group have also seen good growth in market share, helped by strong branding and a focus on good customer service.”

The car auction business, H & H Motor Auctions had seen some reduction in throughput, however, as a result of the government’s scrappage scheme.

As well as livestock auctioneering and motor auctions, H & H Group includes a finance company, a land agency, an insurance brokers, an estate agency and household auction rooms.

During the six-month period the average share price rose to £13.70. The interim dividend recommended remains at 6.5p/share and will be paid on 23 April to those on the register at 1 April 2010.