Business

Tyrone agricultural auction firm posts £72m in sales

Euro Auctions' main site is in Dromore, Co Tyrone
Euro Auctions' main site is in Dromore, Co Tyrone Euro Auctions' main site is in Dromore, Co Tyrone

TYRONE headquartered agricultural auction firm Euro Auctions saw a slight decline in sales last year of £72.4m.

The Dromore firm which files under Gardrum Holdings Limited posted profits before tax of £7.68m for the year to December 31 2014 - down from £7.75m the previous year.

The company runs a number of auction sites across the world including in Leeds, Dormagen, Germany; Zaragoza, Spain; Brisbane, Australia and Atlanta, USA.

It specialises in the sale of new and used industrial plant, construction and agricultural equipment.

It held 29 auctions in 2014.

In his strategic report filed with Companies House in Belfast, director Derek Keys said he, "considers the results for the year and the position of the group at the year end to be satisfactory".

The report added: "Whiles market conditions remain challenging, the director anticipates that the group will remain profitable in 2015."

The company took on 12 additional staff over the year with employment averaging 100. That saw its wage bill breach the £3m barrier.

The firm held its first auction in Dromorer in 1998 in what was the first American parade style auction in Ireland.

It expanded into the British market in 2000 and set up a site in Leeds in 2002.

A further site in Germany was added four years later.

The company opened a new auction house at its Dromore base in 2009.

Sites in Australia and the United States have followed in recent years while the newest auction site was opened in Zaragoza in February this year.

The accounts note that no dividend was recommended for the year.

Meanwhile, the company made £4,390 in charitable donations.