Profits increase at livestock group
H&H Group has announced an increased turnover of Â£7.9million for the six months up to the end of December. The results represent an increase of 11 per cent over the corresponding period in 2015, up from Â£7.1million.
Profits before tax are considerably improved, at £805,000, compared to the previous year’s £340,000. The group’s average share price has risen from £26.48 to £27.85 for the same period in 2015.
Brian Richardson, chief executive of the H&H Group PLC, commented: “These results show a good improvement in profitability of the Group with particularly strong performance from our Livestock Mart business, with a strong cattle trade countering some challenging returns for sheep producers.
“It is now almost 18 months since the acquisition of the John Swan business in the Borders and the integration has gone well, with a very positive response from customers.”
Land Agency H&H Land and Property has performed well and as it continues to develop its geographical coverage in the North of England and Southern Scotland. A new centre at Newtown St Boswells opened in the period, providing a platform for further growth in that area.
With a total of four branches, the H&H Estate Agency side of the business has seen a slowing of the property market, with uncertainty over Brexit. However, as we head towards the busier spring period, they are seeing signs of improved market growth and an increase in sales.
H&H Insurance Brokers has also seen challenging market conditions and the company are reviewing how they can better position this business to the market.
With tight control of costs and investment in further efficiencies, the Print Business has had an improved period, showing an increased profitability.
Looking to the future, Mr Richardson added: “Overall this is a pleasing set of results and we continue to have confidence in developing the business in the future, with further structural improvements, developments in the Borders, and the development of the Rosehill Car Park site, which should commence later in the year.”