The parent group of Co Tyrone’s Euro Auctions recorded a pre-tax profit of £45 million last year.
Dromore-based Gardrum Holdings saw its revenue climb 11% to just under £169m in the year to December 31 2023, new accounts filed with Companies House show.
The holding company, owned by Derek Keys, spans his property and machinery interests, including his flagship business Euro Auctions.
It continues to be one of Northern Ireland’s most profitable family enterprises, with pre-tax profits growing by 37% year-on-year.
Euro Auctions’ sale sites include Leeds, Germany, Spain, Australia, Abu Dhabi, Canada and the United States.
The latest accounts for the group show it held 59 auctions across the world last year.
Despite facing a £12m (57%) increase in administrative expenses to £34.8m and a hefty tax bill of £11.7m, Gardrum Holdings ended 2023 with a bottom line profit of £33.5m, up from £27.5m in 2022.
The accounts cover the first full year of trade since a £775m deal to sell Euro Auctions to Canadian company Ritchie Bros fell apart in April 2022.
What was set to become one of the biggest ever business deals in the north’s corporate history, was called off after the UK’s Competition and Market Authority (CMA) began an investigation.
Ritchie Bros pulled the plug stating it did not believe there was “any realistic prospect” of the watchdog signing off on the takeover.
Euro Auctions went on to buy Canadian industrial equipment and automotive auction company Michener Allen Auctioneering in October 2023.
The latest accounts show the Co Tyrone company acquired 100% of the Canadian outfit in a deal worth £12.2m, including £8.895m in cash.
It marked the latest international expansion of the auction business.
In commentary included in the latest accounts, the company stated: “Prior to the acquisition, the group had minimal presence in these markets.
“As the result of the acquisition, the group expects to increase its sales to consumers in the Canadian markets.”
The group had 151 staff on its books in 2023, up from 134 in 2022.
Staff costs increased by £4.5m last year to £14.75m
Gardrum Holdings also includes the business of William Keys and Sons, the dealership founded by the Keys family in Dromore during 1980.
The accounts show the group’s investment property was valued at £47.5m at the end of last year.
The group’s property subsidiaries include Tamar (Selby) Ltd, which secured planning approval for a major storage and distribution warehouse at Nutts Corner in December 2023.