Strong year for Ritchie Bros

The company said, adjusted, its net earnings for the year were $85.5 million, up from $71.9 million in 2007. Gross auction proceeds for 2008 were a record $3.57 billion, 12% higher than in2007. This was generated from an average auction size of 1400 bidders and 1300 lots. Ritchie Bros worked with a record number of truck, equipment and other asset sellers in 2008, selling in excess of 252,000 lots on behalf of more than 36,000 consignors. The results for the December quarter were strong, with Ritchie Bros recording a 60% rise in profits. The auctioneer said its adjusted net earnings for the quarter were $19.2 million.

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