John Swan falls into red on lower sheep prices
The Aim-quoted firm, which runs markets in Newtown St Boswells in the Borders and Wooler in Northumberland, posted a pre-tax loss of £362,177 for the year to 30 April, compared with a £238,782 profit for the previous year.
Poor weather during the period saw a reduction in sheep prices, which in turn knocked commission at its auctioneering business. Cattle prices “remained strong” but overall numbers were down.
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Hide AdChairman Alastair Ritchie said the company had also been hit by an increase in professional fees linked to its status as a listed company, but the board has decided to keep the final dividend unchanged at 5p a share.
He added: “Despite an improvement in market conditions in the second half of the year, our auctioneering business was unable to make up the ground lost in the first half.
“However, I am pleased to report that trading in the current year has improved relative to the same period last year.”