It's been a 'challenging year' for the parent company of the UK's largest auctioneering business, Harrison and Hetherington, which is based in Carlisle.

According to its chairman, Michael Scott, Brexit uncertainty and the weather contrived to produce an overall loss for its latest trading year.

The group reported a loss before tax of £371,000, compared to a profit before tax in the previous year of £636,000. That was on a turnover of £13.6m (2018: £14.7m) with an operating profit of £31,000 (2018: £940,000) before tax.

The operating profit was after H and H suffering an exceptional one-off charge of £308,000 in relation to a pension equalisation charge, which is currently being challenged in the High Court.

The average share value during the year was £26.78, against £29:38 per share in 2018.

"A large part of the group’s business is about values and volumes. Farm stock is a prime example and despite increasing market share year on year, climatic conditions, including the Beast from the East, followed by the drought, resulted in us trading with reduced values and volumes," he told shareholders.

"Beef values are at the lowest they have been for many years. The industry has been affected by the influx of Irish beef coming onto the home market. This has been compounded by adverse public sentiment in some sectors, eroding confidence and cash flow for our customers. The sheep sector is in much the same position."

On the positive side, H and H expanded its geographical customer base by conducting pedigree sales at Newark Auction Centre, under agreement, and early indications this financial year are rather more encouraging, he added.

A recent rebranding of H and H Land and Property into H and H Land and Estates has been a strategic move to create a stronger identity, offering a ‘one-stop-shop’ approach across all areas. That included acquisitions in Keswick and Cockermouth.