THE Co Tyrone group behind Euro Auctions has reported a pre-tax profit of £28.7 million for 2020.
Headed by Dromore man Derek Keys, Gardrum Holdings agreed to sell its hugely successful global machinery auction business to Canadian outfit Ritchie Bros for £775m in August 2021.
Set up in the Co Tyrone town in 1998 with his brothers, Euro Auctions has grown into a business operating across Europe, The USA, 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 enterprise, revenues rose one per cent, finishing the 12 months to December 31 2020 with £145.6m.
A reduction in costs in part contributed to a 14 per cent rise in pre-tax profits to £28.7m.
Despite the onset of the Covid-19 pandemic during 2020, Euro Auctions managed to stage ten more auctions than it did in 2019, with 60 sales held during the year.
The set of accounts filed with Companies House revealed that Mr Keys as the sole shareholder, received a dividend of £2m arising out of the 2020 performance.
Alongside the auction operation, Gardrum Holdings comprises a number of property companies.
The value of the group’s investment property was revalued upwards by almost £1m at the end of 2020 and is now estimated to be worth £30.2m.
