Belfast Telegraph

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Gardrum’s turnover climbs to £84m, but profits fall

By Staff Reporter

Published 29/09/2016

Heavy plant auctioneering firm Gardrum Holdings - which trades as Euro Auctions - has reported an increase in turnover to £84m, up around 16% in the past year.

But the Co-Tyrone-based firm, which has plants across Europe and in Australia, reported a 16% fall in pre-tax profits from £7.77m to £6.51m, according its accounts for the year ending December 31 last year.

However, a strategic report filed with the company accounts said the directors were satisfied with the firm's performance, and anticipated that the group would stay profitable.

"The director considers the results for the year, and the position of the group at the end of the year, to be satisfactory," the company said

"The group will continue to seek every opportunity to increase profitable turnover.

"While market conditions remain challenging, the director anticipates that the group will remain profitable in 2016.

"The director has in place plans to ensure the group is strongly placed going forward."

According to the report, the firm's auction numbers increased from 29 to 30.

Earlier this year, Euro Auctions increased its presence in the US, after taking on a second site in Texas.

The firm said that performance was affected by general economic conditions. And it added that most sales were obtained in growing economies where more infrastructure development takes place.

The company has its head office in Dromore, Co Tyrone. It was founded by Derek Keys and is still a family-run business.

The firm held its first auction in Dromore in 1998, and expanded elsewhere in the UK in 2000, setting up a site in Leeds in 2002.

It then expanded into Germany in 2006.

Staff numbers at the company fell from 100 to 88, during the last year. Wage costs also declined from £3.1m in 2014, to £2.5m in 2015.

Over the next month, the business will hold auctions in a range of locations, from Zaragoza in Spain to Brisbane in Australia, Atlanta in the US, Dormagen in Germany and Leeds in the north of England.

According to its website, as well as carrying out auctions on its own sites, it will also hold off-site auctions in cases including retirement and where companies have ceased trading.

Belfast Telegraph

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