Carlisle-based H&H Group, which includes auctioneering company Harrison and Hetherington, has reported ‘excellent performance’ from its annual results, despite the past year’s dramatic rise in inflation and interest rates.
The company released its annual results for the year ended June 30 and revealed a turnover of £19 million and an increase in its operating profit up from £1.8 million to £1.9 million.
The results also show profit before tax at £1,412,000, compared to £1,509,000 the previous year.
Given the above results, the board unanimously recommended a final dividend of 15p to be added to the interim dividend of 5p and be paid out next month.
H&H Group chief executive Richard Rankin, said it has been another successful year for the Harrison & Hetherington team, proving again that they can consistently deliver the best service and value to loyal customers.
“This business continues to grow its footprint and market share and establish itself as the clear market leader, both in terms of size but more importantly the depth of expertise we offer,” said Mr Rankin.
“The senior management team is now well established and making a tangible difference to the operations of the business as it grows, evolves and broadens its range of traditional and digital services.”
Mr Rankin said the H&H Insurance Brokers team had undergone geographical expansion and experienced another strong and consistent year.
In addition to Cumbria and the north-east of England, the firm now covers North Yorkshire and the south of Scotland.
He said the land and property business, H&H Land & Estates, had experienced a year of mixed fortunes.
“Once again, our land agency team have pulled out another strong performance in the face of a drastically changing financial landscape and huge uncertainty in the sector,” added Mr Rankin.
“The housing market did nothing to help our estate agency business but, with the exception of one location, we managed to hold our own against the competition. This was not enough to avoid making losses, but we have made significant structural changes and key leadership appointments, which has reduced our cost base to make us more robust during these difficult times.”
Mr Rankin said despite enjoying an uplift in turnover, H&H Reeds has been hampered by the savage increases in the cost of materials and energy.
In looking to the future Mr Rankin said: “While it is impossible to predict the future with any accuracy, the past year has proved that the H&H Group has the resilience, the drive, the leadership and the people to adapt to change and challenge, and we have every confidence in our ability to continue our growth and expansion financially and geographically in the coming years.”
