Euroauctions post pre-tax profit of £31.5 million

Euroauctions is headquartered in Dromore, Co Tyrone.

THE parent owner of Co Tyrone-based Euroauctions recorded a pre-tax profit of £31.5 million in 2021, a new set of company results shows.

Gardrum Holdings, headed by Dromore businessman Derek Keys, reported a slight drop in turnover in the year to December 31 2021, with the group staging 58 machinery auctions last year, compared to 60 in 2020.

However, the £141.7m turnover was enough to register another highly profitable year for the business.

The report filed with Companies House show Euroauctions staff grew from 177 to 189 last year.

The accounts were expected to be the final annual report filed under the Keys era in anticipation of a £775m takeover by Canadian group Ritchie Bros.

The deal had been subject to a Competition and Market Authority (CMA) investigation. Ritchie Bros pulled out in April 2022, stating it did not believe there was "any realistic prospect" the deal would be approved by the CMA.