March 10, 2010

H&H benefits from higher livestock prices

Higher livestock values helped UK H&H Group to record profits in the six months to the end of December last year.

Harrison & Hetherington, the Group's livestock arm, increased market share of livestock sales according to chief executive Brian Richardson. This was against a background of a national fall in livestock numbers.

The group's profit before tax of GBP872,000 (US$1.3 million) was up GBP418,000 (US$625,000) on the previous year, with turnover up 12% at GBP5,054,000 (US$7.6 million) during the six months.

Alan Bowe, group chairman said, "The economy remains difficult, and undoubtedly we are not immune to this, but these results demonstrate the strength of the group with all but one of our businesses trading ahead of last year."

"The future remains difficult to predict, but we are well positioned to deal with any challenges presented to us," he said.

The sale of surplus land at Lockerbie Mart was completed in January. Improvements to the pens, office and canteen facilities are due to start soon.

Plans are being reviewed for further improvements at Borderway Mart.