Wooler Mart owners reveal overall operating profit of nearly £1.8m

The owners of Wooler Mart have announced an operating profit of nearly £1.8m.
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The annual results released by H&H Group for the year ending June 30, 2022, highlight continued improved performance despite rising costs, changing government regulations, and the challenges of recovering from the pandemic.

The results show an overall operating profit of £1,781,000, which is up 16.2% from £1,532,000 in 2021. Profit before tax stands at £1,509,000, an increase on the £1,223,000 in the previous year.

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The H&H Group asset base has increased from £21m in 2021, to £22.7m this year.

Wooler Auction Mart.Wooler Auction Mart.
Wooler Auction Mart.

The board has recommended a dividend of 15p, in addition to the interim dividend of 5p announced in December. This makes a total dividend for the year of 20p, which is on par with 2021.

Richard Rankin, chief executive, said: “I am incredibly proud of the entire team involved within the H&H Group for continuing to rise to and overcome the many recent business challenges. These encouraging numbers are a reflection of the industry at the current time, and the dedication and enthusiasm shown by our teams.

“This was a very positive year in respect of building on the last few years’ investment into our people and their development and I expect this to further pay dividends in the future as they grow into their new skill base.

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"However, I say this with an err of caution, as I think we are facing some significant headwinds including disruption in central government, energy costs, and interest rate rises, all which have the potential to erode these successes.

Richard Rankin, chief executive of H&H Group.Richard Rankin, chief executive of H&H Group.
Richard Rankin, chief executive of H&H Group.

“Normality has almost resumed throughout our business from those Covid days, and following on from last year our farmstock business, Harrison & Hetherington, has again performed strongly increasing throughput numbers.

"Combined with the market continuing to enjoy price increases, this has resulted in another set of exceptional results.”

He said the acquisition of Tynedale Insurance Services Ltd, in Hexham, would further bolster business in the future as it strategically connects the long-established base in Cumbria to its growing base in the North East.

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Through a partnership with Sage Wealth Management, H&H have introduced a financial and wealth management service line.

Mr Rankin added: “The land and property business, H&H Land & Estates, has continued its strong finish from the previous year with another increase in both top-line turnover and the bottom-line profit. They have also seen some significant farm and land sales this year along with increasing demand for its specialist professional services.

“As a result of lack of stock, which was a national problem and was not just localised to the regions that we cover, our estate agency business has suffered, although the lettings side of the business continues to thrive.”

He said activity for its creative business, H&H Reeds, had now returned to pre-pandemic levels, which has been evidenced by an increase in turnover.

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Mr Rankin concluded: “No one knows what is ahead, so going forward we will continue to evolve and progress across our portfolio of companies. I am confident that the H&H Group will, as it has shown in the past, be able to adapt and overcome any challenges so that we can continue to push forward.”

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