H&H Group has posted an operating profit of over 16% but warned it faces 'significant headwinds' in the future due to escalating costs.
The auctioneering, estate agency and insurance firm's results show an overall operating profit of £1,781,000, which is up from £1,532,000 in 2021.
Profit before tax stands at £1,509,000 for the year ending 30 June 2022, an increase on the £1,223,000 in the previous year.
Passing this £1.5m profit barrier is an 'excellent result' and a 'significant milestone' for the company, the report says.
This is despite "rising costs, changing government regulations, and the challenges of recovering from the pandemic".
H&H Group chief executive, Richard Rankin said the figures were 'encouraging', but he warned that the future looked more uncertain.
“This was a very positive year in respect of building on the last few years’ investment into our people and their development.
"However, I say this with an err of caution, as I think we are facing some significant headwinds including disruption in central government, energy costs, and interest rate rises, all which have the potential to erode these successes."
He added: “Normality has almost resumed throughout our business from those Covid days, and following on from last year our farmstock business, Harrison & Hetherington, has again performed strongly increasing throughput numbers.
"Combined with the market continuing to enjoy price increases, this has resulted in another set of exceptional results."
