H&H Group sees 16% fall in profits

CARLISLE-based farming and finance company H&H Group has seen a 16% fall in pre-tax profit to £695,000, as it feels the effects of foot and mouth and the wider economic downturn.

The company’s full-year results to the end of June 2008, show turnover was slightly reduced at £8.7m, from £8.8m in 2007.

Chairman Alan Bowe said the group’s subsidiary H&H King had seen a decline in house sales but that turnover in the lettings department had increased.

He added that after initial concerns that the car finance company Borderway Finance would similarly suffer from a reduction in car sales, it had returned reasonable figures.

However, livestock division Harrison & Hetherington has been impacted by the Foot and Mouth and Bluetongue diseases.

Chief executive Brian Richardson, who took over the position in June this year, said: “Uncertainty over the Bluetongue vaccination programme makes it difficult to predict the short term implications for our livestock business.”

The company recommended a dividend for the year of 20p for each share.