Pre-tax profits up at H&H auction firm

Carlisle-based auctioneer and land agency firm H&H Group made a pre-tax profit of £1.509m for the year ending 30 June 2022.

This was a rise from £1.223m during the previous year.

Turnover stood at £17.22m for the year, up from £14.69m in the year to June 2021.

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Operating profit for the year totalled £1.781m, an increase of 16.2% (£249,000) on the year.

The H&H Group is made up of several businesses, including Harrison & Hetherington (livestock auctioneers), H&H Land and Estates (chartered surveyors and land agents), H&H Insurance Brokers and H&H Reeds (graphic designers and digital marketing).

Rising costs, changing government regulations and the effects of the Covid-19 pandemic were noted as challenges faced by the firm.

Shareholders will be paid a total dividend of 20p/share for the year according to the board’s recommendations. The next share auction is due to take place at St Boswells Mart on 20 October.

Michael Scott, H&H Group chairman, said in the annual report that normality has almost resumed throughout the business following the pandemic.

“Farmstock turned in another outstanding year, both by numbers and values, with market share still growing year on year. Internally, the business has undergone restructuring, with new leadership and senior management teams being established in the past year,” he said.

Richard Rankin, chief executive, said: “These encouraging numbers are a reflection of the industry at the current time, and the dedication and enthusiasm shown by our teams.”

Mr Rankin said the business is facing some significant headwinds, including disruption in central government, energy costs and interest rate rises, all which have the potential to erode these successes.

“Normality has almost resumed throughout our business from those Covid days, and following on from last year, our farmstock business, Harrison & Hetherington, has again performed strongly, increasing throughput numbers.

“Combined with the market continuing to enjoy price increases, this has resulted in another set of exceptional results,” he said.

“The land and property business, H&H Land & Estates, has continued its strong finish from the previous year with another increase in both top-line turnover and the bottom-line profit. It has also seen some significant farm and land sales this year, along with increasing demand for its specialist professional services.”