Co Tyrone group behind Euro Auctions reports £ 28million pre-tax profit for 2020
THE Co Tyrone group behind Euro Auctions reported a pre-tax profit of £ 28.7million for 2020.
Led by Dromore man Derek Keys, Gardrum Holdings agreed to sell its hugely successful global machinery auction business to Canadian company Ritchie Bros for £ 775million in August 2021.
Established in the town of Co Tyrone in 1998 with its brothers, Euro Auctions has grown into a company operating in Europe, the United States, Dubai and Australia.
In a report filed with Companies House this week, Gardrum Holdings revealed that in what could be the last full year with Mr. Keys at the helm of the auction firm, revenue has increased by 1% , ending the 12 months by December 31, 2020 with £ 145.6. mr.
Lower costs contributed in part to a 14% increase in pre-tax profits to £ 28.7million.
Despite the start of the Covid-19 pandemic in 2020, Euro Auctions managed to hold ten more auctions than in 2019, with 60 auctions held during the year.
The set of accounts filed with Companies House revealed that Mr Keys, as the sole shareholder, received a dividend of £ 2million as a result of the 2020 performance.
Along with the auction operation, Gardrum Holdings includes a number of real estate companies.
The value of the group’s investment properties was revalued upwards by almost £ 1m at the end of 2020 and is now estimated at £ 30.2m.