Wilsons Auctions confident for the future after almost doubling profits

WILSONS Auctions has reported a 24% increase in revenue from £29.3m to £36.4m in the year to the end of March 2020.

Pre-tax profits at the Mallusk group company almost doubled to £1.3m in the 12 months before the Covid-19 pandemic took hold, according to a report filed at Companies House.

The total value of goods auctioned off by the family-owned company grew by 8% from £318m to £342m.

Its interests range from auctioning off cars and property to working with government agencies and disposing of the proceeds of crime following successful convictions.

A note in a strategic report from the directors said they were taking all steps they could to mitigate risks from Covid-19 and were “very positive (about) being able to navigate through the challenge successfully”.

Staff numbers fell from 378 to 366 during the period, with sales staff down from 77 to 48. However, staff numbers increased in other sections.

Despite the net fall in staff numbers, the company’s pay bill grew from £9.2m to £10.3m.

The group has nine auction centres across the British Isles, including in Belfast, Portadown, Dublin, Scotland, Wales and five in England.

Of its £33.4m in revenue, just £3m was drawn from its operation in the Republic. There are five subsidiaries within the group company.

Last month, Wilsons said it was seeing growing demand from companies wanting to release value from assets to cope with financial pressures.

Director Ricky Wilson said: “The pandemic has and will continue to impact many businesses, significantly affecting cash flow into their business.

“Since the beginning of the pandemic, we have had a range of companies approach us to see if we can help release equity in their assets, from large shops who have aged stock sitting in their warehouse to logistics companies with trucks and trailers not being used.”