NEW figures show nearly £1.7 billion of livestock was sold through auction marts in England and Wales during 2016.

The overall number of store and breeding stock sold through the system also rose by more than 70,000 above the previous year.

The figures were released during a special bicentenary lunch celebrating the continued strength and value of the auction market, 200 years after the first registered one took place in Hawick in 1817.

Slaughter stock figures through auction marts also stood up well last year, despite a small fall in sales on the previous 12 months. In total, almost 11.5 million cattle, sheep, pigs and calves passed through the system in 2016.

Chris Dodds, executive secretary of the Livestock Auctioneers Association (LAA), said: "The overall figures reveal a dynamic and profitable industry, despite difficult trading conditions. The figures also demonstrate the critical role the livestock auction market system plays in supporting the sector."

Since the first auction, the livestock sector has changed dramatically into a multi-million pound industry, both politically and commercially.

Mr Dodds chairs the UK Livestock Brexit Group, which was initiated by the LAA to provide a robust framework for the future of the industry, by working with the UK and devolved governments.

He said: "The LAA has been instrumental in introducing new training programmes, is working alongside industry organisations to deliver a data exchange initiative at point of sale, and continues to deliver support and advice as we face a period of uncertain trading.

"During our annual conference from May 18-21, alongside our bicentenary celebrations, we will be addressing the potential opportunities and challenges that Brexit could create."

The conference will welcome the European Association of Livestock Markets, providing UK auctioneers with the opportunity to meet and discuss the marketing of livestock with colleagues from across Europe.

The conference at Slaley Hall, near Hexham, will also include speakers from AHDB’s market intelligence department and Quality Meat Scotland. With its strong focus on Halal meats and carcass exports, Euro Quality Lambs’ executive director Rizvan Khalid, will give his perspective on future opportunities.

Mr Dodds said: "Livestock auction markets are pivotal to the supply chain, providing an open, transparent and competitive marketing forum for the red-meat sector.

"Today’s figures reinforce this message, and the LAA will continue to encourage innovation and traceability, help shape future policy and positively represent the sector."