Successful year for H and H Group PLC as profits increase

Over the year, the company’s overall operating profit was £1,880,000 – up from £1,780,000 in 2022. Profit before tax was £1,412,000 compared to £1,509,000 the previous year. Given the results, the Board recommended a final dividend of 15p to be added to the interim dividend of 5p and be paid out next month.

“In these challenging times this is a fantastic performance proving the resilience of the Group and the strength of its diversified business model, said chief executive, Richard Rankin, who gives full credit to the dedication and drive of the teams in every business who have enabled the Group to continue to grow and expand.

“It has been another successful year for the Harrison and Hetherington team, proving again that they can consistently deliver the best service and value to our loyal customers. This business continues to grow its footprint and market share in terms of size but more importantly, the depth of expertise we offer.

He added land and property business, H and H Land and Estates, had experienced a year of mixed fortunes in the face of a drastically changing financial landscape and huge uncertainty in the sector.

“The housing market did nothing to help our estate agency business but, with the exception of one location, we managed to hold our own against the competition.

“This was not enough to avoid making losses, but we have made significant structural changes and key leadership appointments, which has reduced our cost base to make us more robust during these difficult times,” he said.

Despite enjoying an uplift in turnover, H and H Reeds has been hampered by the savage increases in the cost of materials and energy.

The core printing business illustrated the difficulties of turning higher turnover into profit when paper price increases proved impossible to pass on to customers also struggling with cost inflation.

“The performance of all our businesses depends on the quality and commitment of our people, and this year’s performance is a testimony to them all. I have been acutely aware that cost and interest inflation has affected everyone at home as well as at work but our people have risen to the challenge once again and kept the Group’s trajectory on course.”

“Our investment in the upskilling and development of our teams across the whole Group is paying dividends, and we’ve continued to recruit the very best to support this growth.”

Mr Rankin added that the Group had benefitted from continued investment with a commitment to apprenticeships. This he said has been particularly rewarding with many apprentices moving into more responsible positions within the operating companies.

“The values and behaviours model developed over the past few years is now firmly embedded into the business, and this creates the right culture from within as we continue to strengthen and grow. The past year has shown that the Group has the resilience, drive, leadership, and the people to adapt and we have every confidence in our ability to continue our growth and expansion financially and geographically in the coming years.”