CO Antrim auction group Wilson’s has reported a 24 per cent rise in revenue for the year ending March 31 2020.
The Mallusk-based operation, which is the largest independently owned auction group in Ireland and Britain, saw revenues increase from £29.3 million to £36.4m for the 12-month period.
It followed a year where the group dropped the hammer on £342m worth of goods.
After taking a tumble in 2019, group pre-tax profits recovered last year, more than doubling from £599,000 to £1.3m.
The operation, which is controlled by Ian Wilson, includes nine auction sites and six storage and distribution centres spread across Ireland and Britain.
Wilson’s Auctions handles the sale of assets from around the world, dealing in everything from cars and machinery to property and criminal assets, which are sold on behalf of government and law enforcement agencies around the world.
Its latest sale earlier this month saw luxury watches, dozens of designer handbags and two Harley Davidson motorcycles go under the online hammer.
In all, the auction included more than 80 lots seized by government agencies across the UK under the Proceeds of Crime Act.
Wilson’s said the sales have resulted in around £120m being returned to the public purse over the past number of years.
Although the latest reporting period concludes just as the UK and Ireland entered lockdown, the directors have acknowledged the impact of the Covid-19 pandemic.
The report confirms that the group has availed of UK Government support in the past year, with an acknowledgement that group income will be impacted in the short-term.
“However, the group has adequate resources to meet its ongoing financial obligations and the medium to long-term impact of coronavirus is not expected to be significant,” the report states.
Despite the growth in the 2019/20 year, the group reported a cut in its sales staff, down from 77 to 48.
Overall, the group’s workforce dropped from 278 in 2018/19 to 366 in 2019/20.
Staff costs did increase by more than £1m over the year, rising from £9.2m to £10.3m.
Remuneration for group directors also rose from £971,000 to £1.5m, reflecting the increase from four to six directors last year.
