Pre-tax profits of historic H&H group rise as revenues rise
The pre-tax profits of a diverse rural economic group with a history stretching back over 140 years have surged in its most recent fiscal year.
H&H Group, headquartered in Cumbria, reported profits of Â£ 1.2million for the 12 months to June 30, 2021, up from Â£ 330,000 the year before. Its operating profits fell from Â£ 742,000 to Â£ 1.5m.
The group’s turnover also fell from Â£ 13.5m to Â£ 14.6m over the same period.
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The group was originally founded as an agricultural auctioneer and today has nine Harrison & Hetherington Auction Marts as well as operating companies including livestock, machinery and vehicle auctioneers, brokers and appraisers, real estate agents, auction houses, commercial printers in addition to chartered surveyors and insurance brokers. .
Managing Director Richard Rankin said: âIn an unprecedented year, the group and all of its employees have demonstrated an incredible ability to adapt and as a result have performed very well.
âThis year has been positive in almost every way for Harrison & Hetherington Farmstock Auctioneers, with volumes and prices increasing compared to previous years.
âThe livestock activity has improved its market share and the rise in values ââhas helped to strengthen confidence in the agro-industry, in particular in the beef and sheep meat sectors.
âThe success of online marketing and sales has also continued as the team and customers embrace this new way of negotiating.
âDigital commerce is now making a significant contribution to this business, and we expect this to continue and evolve in the future. “
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He added: âI am extremely proud of the entire H&H group team for meeting the business challenges in these difficult times.
âThe talent and enthusiasm of the people has made the group run incredibly well. Having a wide range of businesses within the group provides a wide range of skills and experiences that have been invaluable in adapting to new business environments.
âThis demonstrates our commitment to the rural economy and our customers and provides a solid and positive foundation for future growth.
âWe are also committed to investing in our people and recently all levels of senior management have received tailored management and leadership training.
âWe also have a reputation for developing young staff through apprenticeship, and we continue to build on this across all businesses.
âThese opportunities will only grow as we gain market share and expand our portfolio.
âThe group will also seek to invest and grow both organically and through future acquisitions where they add value.
âOur goal for the future is to work with our customers to improve services and increase the range of products and services they need, to ensure that their businesses are ready for the future. “