John Swan beats rates rise to grow

JOHN Swan, the Borders-based livestock auctioneer, overcame a £40,000 rise in business rates at its St Boswells market to grow full-year underlying pre-tax profits to £63,551 from £38,719.

But bottom line losses at the Aim-quoted firm widened to 397,676 from 282,868 after its pension adjustment rose to 280,000 from 155,000.

Chairman Alastair Ritchie said a provision of 89,113 had been against potential bad debts. He added: "This has led to a review of our credit arrangements, which have been made on an informal basis but will now be commercial."