Harrison & Hetherington have achieved a record-breaking gross turnover of £250 million.

Annual results released by H&H Group PLC for the year ending June 30, 2024 reflect a solid performance for the Group’s core agricultural businesses, although other areas did face a more challenging year.

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 increased interest costs and a revaluation adjustment £502,000.

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.

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He said: “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 a strong 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.

“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.

“Customer price pressures, rising cost of materials and shrinking margins in a subdued and fiercely competitive market have created a substantial loss for H&H Reeds again this year. We have subsequently taken significant steps to rationalise that business into a profitable model, however, that aside we took the decision that this business no longer fits with our, predominantly, rural focused strategy and have very recently concluded the sale of this business to its management team."

Mr Rankin continued: “The major investments made this year in the structure of the Group are central to our strategy to make it ‘Fit for the Future’. In addition to the action taken on our two underperforming business streams, there are two areas where investment is being made in profitable parts of the Group.

"A major upgrade of Borderway market is underway to further improve the facilities and enhance the experience for livestock, staff and customers. The property division consistently provides a stable income to underpin our results, and construction of a new Ford garage at Rosehill will add to this secure income stream.

“We have continued to invest in and develop our people across the Group and we are proud of our reputation for developing young staff through apprenticeships, many of whom are rising to responsible positions within our operating companies. I would like to thank all the people in our teams right across the business whose commitment and dedication ensures that the H&H Group continues to provide our customers with the very highest level of service and deliver another strong set of financial results.”