Cumbria auction mart sees 23 per cent rise in profits (From The Westmorland Gazette)

Cumbria auction mart sees 23 per cent rise in profits

8:20am Friday 12th October 2012 in Farm & country By Allan Tunningley

THE company which operates four livestock auction marts in Cumbria has announced a 23 per cent rise in profits – in another record year for the business.
H&H Group said it made net profits of £1.44m on a record turnover, up from last year’s £1.21m.
Although its core busi-ness is livestock auction-eering, in recent years the company has expanded into chartered surveying, estate agency, financial services and printing.
Annual accounts show a record turnover of £120m through its seven livestock centres, including four in Cumbria – Carlisle, Kirkby Stephen, Broughton-in-Furness and Lazonby.
H&H also said that over the past year it had increased its workforce to more than 280 employees.
The group continued its acquisition and expansion programme, investing £1.65m during the year. This included buying specialist printers Cypher Digital in Milnthorpe.
Chief executive Brian Richardson said: “As a group, we have been working hard to develop all our business interests and we now operate across a number of sectors which all have great potential for future growth.
“We are best known for livestock auctioneering and have over 140 years of heritage operating the United Kingdom’s leading livestock centre.
“The increase in turnover can be attributed to a combination of higher livestock prices and higher throughput. This indicates a gain in market share, an achievement in such a competitive market.
“Currently the economy is very tough. There is a shortage of cash, busi-nesses are nervous about investing and banks are nervous about lending.
“However, here at H&H we will continue to develop all of our businesses and will expand our services both geographically and in  customer numbers.
“We believe our success is one of the building blocks that is helping to stimulate sales for other businesses in the local economy.
“The group’s aim will continue to have a broad spread of interests cov-ering several business sectors that can all deliver value for shareholders.”