Auctioneers turn £1.4m loss into profit
AFTER reporting a loss of £1.4m last year, Carlisle-based auctioneers Harrison and Hetherington have announced a year-end profit of £208,000.
The turnover for the company rose 13% to £5.8m, with dividends to shareholders up by 25% with a recommended final dividend of 5p a share.
Operating costs are down from £6.1m to £5.1m, while the exceptional charge in the previous year of £1.2m now becomes a credit at £22,000.
"Despite trading conditions remaining tough, especially within our farmstock and motor auctions business, its heartening to report this satisfactory performance," said chief executive Trevor Hebdon.
The groups increase in total income follows growth in motor vehicle finance and expansion of the chartered surveying department.
The companys Borderway Mart, Carlisle, is the first mart in northern England to gain certification under the new Assured British Meat (ABM) livestock markets assurance scheme.
ABM was set up in 1998 to bring the whole of the food chain industry together to increase consumer confidence in British meat. *