Auctioneer drops hammer on rising profits

LIVESTOCK auctioneer John Swan has been herded back into the black after tight cost controls and a pick-up in business.

The Edinburgh-based group yesterday posted a slim pre-tax profit of £1,440 in the six months to 31 October, swinging from a loss of £82,276.

Managing director Jack Clark said: “This result has been achieved through a combination of tighter credit control, an increase in income and the control of running costs. The current economic climate necessitates that all of these factors are closely monitored.”

Aim-quoted Swan, which runs cattle and sheep markets at Newtown St Boswells in the Borders and Wooler in Northumberland, said there were “some positive signs of project work for our fledgling property arm”.

Group revenues rose to just over £1 million from £949,000, with a lid being kept on staff costs at £478,000. Chairman Alastair Ritchie said Swan would continue with its policy of not paying an interim dividend but that the board would review the decision again at the end of its financial year.

The group’s John Swan Ltd subsidiary, which operates the livestock markets, posted a profit of £107,375, up from £24,425. The losses for the PLC part of the business narrowed to £105,935 from £106,701, to help give the overall slim profit for the group.