H&H GROUP’S DIVERSIFIED BUSINESSES MAINTAIN STRONG RESULTS

The H&H Group, Carlisle, has reported a strong set of results for the six months to the end of December 2008, with both profit before tax and turnover showing a substantial increase on the same period in 2007.

In reporting a profit before tax of £454,000 on a turnover of £4,501,000, Group chairman Alan Bowe says: “In an unprecedented period of financial turmoil the benefits of the Group’s diversified companies became apparent.

“Whilst the results for the half year are very encouraging I would add a note of caution for the next six months in that international banking difficulties may have an adverse effect on all businesses throughout the region.”

During this period the average share price was £12.12. Mr Bowe said while the future was even more difficult to predict the directors had agreed to maintain the interim dividend at 6.5p a share to be paid on April 24 2009 to those on the register on April 3.

Brian Richardson, Group Chief Executive, commented on the results: “These are a fairly strong set of results showing a profit before tax for the six months of £454,000 against a figure of £288,000 in the equivalent period last year when our marts, for part of that time, were affected by the foot and mouth outbreak at Pirbright.

“The credit crunch has impacted on our property business and to a lesser extent on the insurance markets with premiums declining. Against that we have seen good performance from our marts, buoyed by higher livestock prices and increased market share.

“Despite the heavy downturn in the motor trade, our motor auction and finance businesses have performed on or above budget helped by a consistent approach to the market.

“The Group is positioned well for the future and after seven months here, I have been impressed with the dedication and commitment of the staff and the very positive way they support our customer base.”

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