United halves operating loss
UNITED Auctions made an operating loss of £397,152 on a turnover of £3.97m for the six months to July 31, almost halving the deficit recorded in the same period last year.
The figure includes the undisclosed start-up and running costs of Scotsire, the AI business bought by UA earlier in the year.
David Danson, chief executive of the group, described the performance as "most encouraging" and said the group was geared for progress. The sale of the former mart site in Inverness helped UA record a bottom line profit of almost £1.9m in the first six months of the year, compared with a total loss of £534,450 in the first half of 1988.
An interim dividend of 2p/share will be paid, Mr Danson confirmed. As well as auction marts, the group is involved in selling insurance, petrol and property. According to Mr Danson, the majority of the profit and more than half the income is derived from these other activities. *