LEADING agricultural business H&H Group has reported a dip in profits after two record years, but their annual results reflect an outstanding performance for the company's core agricultural businesses with Harrison & Hetherington achieving a record-breaking gross turnover of £250 million.

However, the Carlisle group said it was a 'more challenging' year for their estate agency and print and signage sectors, which, they say, the Board and Management have now taken action and addressed.

The results show an overall operating profit of £1,328,000 for the year, down from £1,880,000 in 2023, and profit before tax, but after increasing interest costs and a revaluation adjustment £502,000. A final dividend of 5p has been recommended.

H&H Group Chief Executive, Richard Rankin, says the latest results reflect the Group’s underlying strength and success in serving the agricultural markets in some of the most difficult and turbulent conditions experienced by the UK economy in recent times.

“I am disappointed with the result but not disappointed in the business or our teams; we have a fantastic rural business, and have now streamlined it, making it fit for the future. Announcing a dip in profits after two record years was never in the plan, but the continuing high levels of cost inflation and interest rates throughout this year makes the exceptional performance of our principal businesses even more remarkable.

“Harrison & Hetherington, our livestock trading business, has proved yet again that we are leading the way in the development of a world class service to clients across the country, and our H&H Land Agency and H&H Insurance teams are going from strength to strength in their support for farmers, landowners, and rural businesses through the minefields of change the whole agricultural industry is facing.

“Despite the national decline in livestock numbers, Harrison & Hetherington has had an exceptional year, achieving a record-breaking gross turnover in excess of £250 million. The Farmstock team have risen to the challenge by increasing market share in particular with prime sheep, and we continue to strengthen our position as first choice for buyers and sellers of the highest quality stock.

Speaking to Newsquest Cumbria, Mr Rankin revealed that the decision had been taken to close their regional network of high street offices and streamline and expand their online services.“Reacting to very challenging conditions created by uncertainty and high interest rates, we have rationalised our regional network of high street offices, streamlined and expanded our online services. Consolidating our Estate Agency, Lettings and Land & Estates Management teams into dedicated hubs that allow every member of every team to provide every client with the very highest level of personalised professional service.

The group's printing business, H&H Reeds, has now been sold to its management team.