Bonhams, the global fine art and antiques auctioneer with offices in 25 countries in North America, Europe, and Asia, today announces strong growth in revenues and profits in every territory for the financial year to 31 December, 2013.
Financial Highlights
• Revenues £127m
• Gross Profit £91m
• Adjusted Operating Profit £25m*
• Net cash generated from operating activities: £26m
• Balance sheet strengthened further through £18m buyback of preferred ordinary shares
*Before exceptional, non-recurring expenses
Operational Highlights
• New £30m flagship headquarters on New Bond Street, London completed ahead of schedule;project fully funded through cash flow
• Further significant investment in major New York and Hong Kong facilities and salerooms this year
• More than 25% of bids now made through Bonhams’ proprietary on-line bidding system
• World record prices achieved in Old Master Paintings, Jewelry, Russian Art, Indian and Islamic Art, Chinese Art, Contemporary African Art and Collectors’ Cars departments