Richmond-based Ritchie Bros. Auctioneers Inc. (TSX, NYSE:RBA) reported another record year with a 33% increase in annual profits on auction revenue for the year ending December 31, 2007.
Annual profits rose to US$76 million compared with US$57.2 million in 2006. The company's stronger performance came from a 17% rise in gross auction proceeds to US$3.2 billion from US$2.7 billion in 2006.
The company's revenue from its auctions climbed 21% to US$315.2 million from US$261 million in 2006.
For the year, the company conducted 183 industrial auctions in 13 countries around the world and 177 unreserved agricultural auctions.
The company plans to complete a three-for-one stock split in mid-April.
Ritchie Bros.' share price range during the past week: $78.24 and $83.83; 52-week high: $85.10; 52-week low: $60.50.