Lloyds Online Auctions posts stellar results.
Leading online auction house Lloyds Online has posted a year on year auction sales increase of 83% with a total auction turnover of just over $88M for FY2017.
Establishing themselves as the market leader in Classic Car, Portable Building and Insurance Claim Clearance auctions, Lloyds has also managed to grow their B2B and B2C operations growing revenue 56% to $16.3M for the same period.
Expanding its footprint by holding auctions in Essendon in Victoria, Bankstown in Sydney and at the Brisbane Convention Centre Lloyds attracts bidders from all over the country with their simultaneous online auction platform.
This combination has allowed the group to grow underlying EBITDA by 46% to just over $4M compared to the FY2016 result of $2.8M. To strengthen the future position of the business capital investments and some one-off costs of $1M has allowed Lloyds to finish with a net statutory EBITDA position of $3M.
Founding Director Andrew Webber says, “The business has succeeded due to the focus and passion of the management team and the renewed focus on an expanded national presence”. The 51% equity position held by Joyce Corporation (ASX:JYC) provides a solid foundation for Lloyds future outlook and expansion plans.
Recently Lloyds held a charity auction in association with the Gold Coast Titans Rugby League Club to raise awareness of domestic abuse. Andrew Webber presided over the auction raising much needed funding for programs on the Gold Coast.
Anthony Mankarios, Executive Director of Joyce Corp. said “This is another example of how Andrew and his team regularly provide time to assist the local community. This community engagement means that Lloyds regular auctions have now become family events because there’s always lots to see and do”.
Joyce Corporation has published its annual results for financial year 2017 recording another robust growth in consolidated revenue up +43% on 2016. Total national written sales from auctions, frees and sales from Bedshed network and Kitchens grew to $211. Million up 80% from 2016. Profit from continued operations growth for the group was up to 21.1 cents per share up from 12.5 cents in 2016 and earnings per share to members after tax on ( fully diluted basis ) was 10 cents per share up from 8.3 cents.