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Ritchie Bros shares soar on bumper revenues

Monday, February 27, 2017 2:03
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Industrial equipment auctioneer Ritchie Brothers (NYSE:RBA) generated record revenues in the year just ended, sending its shares soaring.

Ravi Saligram, chief executive, said despite equipment pricing volatility during the year and an active acquisition program, sales rose by 10% with the annual revenue rate hitting 13.07%.

The number of consignors, lots, and buyers all rose 12% versus the prior year, he added.

Income was affected by one-off costs of the planned acquisition of Ironplanet and deals for Mascus in Europe, Kramer auctions in Canada and Petrowsky Auctioneers in the North East, but rose 2% net to US$123.3mln.

Revenues for the year were US$566mn, with US$149mln generated in the fourth quarter.

Shares rose 10% to US$34.01, valuing the company at US$3.6bn.

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