A once-troubled auction company said it is "delighted" to have reported an after-tax profit.

This week Hopes Auction Company, Wigton, released its annual accounts to shareholders for the year ending March 31.

The board of directors reported that Hopes made a profit of £25,771 for the financial year.

Chairman Janet Wright said: “I am immensely proud of the focus, commitment and teamwork our staff and board of directors have shown in both driving the business forward and returning it to profitability.

“We intend to continue to build on this over the coming year, despite the Covid-19 pandemic in which we currently find ourselves.”

The accounts show that while turnover marginally slipped for the year, savings have been made in costs together with an increase in other operating income which has overall produced the profit reported. The balance sheet of the company has also improved over the period, with significant reductions in bank borrowing throughout the year.

The company remains focused on delivering income from the site with storage and office space available to rent.

Due to the current restrictions in place shareholders will not be able to attend the AGM planned to be held on Friday, July 24 but the company hopes to able to provide an update evening later in the year where shareholders will be able to meet directors to discuss year-to-date performance and future plans.

Janet Wright added: “It is extremely pleasing to be able to deliver positive news to our shareholders again.”