 An H&H Group Company |
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| Brian Richardson |
Interim results for the H&H Group for the six months to December
31st 2010 demonstrate strong trading, with turnover unchanged on the
previous year and profit standing at £627k before tax - the second highest
figure at this stage of the year in the Group’s history.
Brian Richardson, Group Chief Executive, said: “Undoubtedly the wider
economic climate is making trading tougher and, as the public sector
cuts start to bite, I expect this to become even more difficult. The
eight businesses in the Group have continued to perform well and are
all working hard to improve their position in their own markets. “
The Group’s livestock business, Harrison & Hetherington has had a
busy first six months to the financial year starting June with slightly
lower turnover due to marginally lower prices and a reduction in sheep
numbers which is against the background of nationally lower numbers of
breeding sheep and cattle.
H&H Borderway Finance and H&H Insurance Brokers have continued
to perform strongly and increase market share.
Chartered surveyors H&H Bowe have continued to develop both farm
advice and expanded their commercial property section with a new department
focusing on providing independent advice on alternative energy.
H&H King has also seen the housing market in Carlisle remain active
and its letting business continues to expand.
H&H Motor Auctions continues to suffer from the overhang of the Scrappage
scheme meaning a shortage of vehicles to sell.
During the last six months the opening of new offices and an exhibition
hall at Borderway has maintained the site as the premier livestock sale
centre in the country.
Investment in new catering facilities has more than doubled the size
of the existing dining area. The flexibility of the new exhibition hall
enables it also to be used for non agricultural events.
The Group last December purchased Reeds Printers, in Penrith. Renamed
H&H Reeds Printers, it is a major supplier of print services to businesses
across the North of England, fitting well with the Group’s philosophy
of providing services to business.
This acquisition and the expansion of the catering operation at Borderway
means the Group now employs 250 staff.
“While the present economic climate is not easy, the Group has a first
class team of people and I believe strongly we can continue to develop
and improve the business in the future,” added Mr Richardson.
The Group has declared an unchanged interim dividend of 6.5p per share.