Ploughing group sees sharp rise in profits

THE National Ploughing Association of Ireland’s annual profits have increased by 57% to €606,852.

Accounts filed with the Companies Registration Office show that turnover at the company for the year ended January 31, 2004 reached €2.43 million, up 20% on the previous year.

The company, which has fixed assets of just €13,800, derives its turnover primarily from gate receipts, exhibitors’ fees and sponsorship from the national ploughing championships.

Record crowds attended this year’s event in Carlow and the company appears on course to add considerably to its retained profits of €2m.

The company has investments of €667,734 and cash in hand at the bank of €1.4m, the figures show. Net current assets are listed at €2m, the company has no debts but had an overdraft of €114,699 at the end of January.

The company is limited by guarantee and does not have any share capital. The accounts show that net operating expenses were €1.84m, a 17.5% increase on the 2003 running costs of €1.56m.

The company’s 28 directors shared remuneration of €86,255, while managing director Anna McHugh was paid €17,776 in fees.

The company’s four staff shared €123,833 in wages and salaries, up from €78,200 in 2003.

The accounts show that John McHugh, husband of MD Anna McHugh, was paid €8,800 for supply of office, yard facilities, light, heat and storage of trailers and equipment.

A record 185,000 people attended the National Ploughing Championships near Tullow in County Carlow over three days at the end of September. The entrance fee for paying visitors was €15.

The competitions concluded with John Treacy of Carlow and John Whelan of Wexford qualifying to represent Ireland at next year’s World Ploughing Events in the Czech Republic.

Planning for the 2005 staging of the championships are already well advanced and the competition is set to return to Cork for the ninth occasion next autumn.

Mogeely in East Cork is to be the venue for the country’s largest rural event, at the farm of the Forrest Family. The location lies adjacent to Midleton, Castlemartyr, Killeagh and Youghal and close to the N25 Cork to Waterford route.

Managing Director of the National Ploughing Association Anna May McHugh said access to venues like Mogeely secures the future of the Championships.

“Finding enough land for a 50 acre trade arena, 200 acres of ploughing ground and a further 200 acres of car parking is not an easy task,” she said.