Group Continues to Grow18th October 2018
H&H Group PLC has just released its results for the year to 30th June 2018 which demonstrate another strong performance, showing an operating profit at £940,000, similar to the £965,000 delivered last year. Further strengthening the balance sheet, net assets have continued to grow and are now at £18.3 million, up £582,000, and a final dividend has been recommended of 27p per share, making a total of 35p for the full year.
Richard Rankin, Chief Executive, commented:
“Despite the continued economic uncertainty, the Group overall has performed well. Every business, with the exception of land agency, has repeated or exceeded prior year’s results. Given the wider economic challenges, this can only be viewed as a strong set of results which justifies our strategy to broaden the range of services and value we can deliver to our customer base.”
Within our livestock auctioneering and marketing division, Harrison & Hetherington, we have seen throughput continue to grow, trading over £178 million of livestock. This growth in our core business can be attributed to a number of factors which include rising numbers of livestock and significant one-off sales and events. As the UK’s leading livestock company, our aim is to further develop the range of livestock trading opportunities we offer and increase the level of service we deliver. Plus, we continue to look at further development and investment into our existing sites.
In our land agency business, H&H Land and Property, there were strong performances by both our Kendal and Durham operations, and Newtown St Boswells continues to grow from its standing start. However, the uncertainly created by Brexit, with many farmers delaying big decisions and investment, coupled with fewer farms coming to market, have had an effect on the results. To take the business forward through what are interesting but uncertain times for the Agricultural industry, leadership in this division has been strengthened, and our competitive position in the north and the Scottish Borders enhanced.
In the face of increasing online competition and reduced volumes of housing stock for sale across the UK, our estate agency businesses have held market share. Certainly, H&H King’s and Michael CL Hodgson’s good performance in maintaining sales volume is a reflection of the level of care and customer service they deliver and quality of properties sold.
The concentrated focus on the agricultural and rural sectors by our insurance business, H&H Insurance Brokers, has paid dividends. That, together with the further development of our marketing strategy to support this, and an emphasis on customer service, has placed our insurance offering in a very strong place. Satisfyingly, this was recently recognised nationally at the UK Broker awards, where the team won the ‘Marketing and Customer Engagement’ award – a fitting tribute to their efforts.
As a result of ongoing efficiency reviews and a stringent policy for maintaining quality and turnaround time, H&H Reeds Printers, our print division and signage business, has delivered another positive contribution. Operating in a very competitive market, the team continue to upskill and add value across the board, which compensates for the lower print volumes facing this industry.
The £5m investment in the development of the Rosehill site is drawing to an end, with the car park finished and in use. All eleven business units are complete with the first tenants in situ and, finally, the handover of the Pioneer Food Hall is imminent. This project will start to deliver us a long-term return on our investment, as well as further enhancing the Rosehill Estate and delivering economic growth to the area.