Accounts just filed by Robert Goff & Co plc to the Companies Office show that group ring sales climbed 12% to €86m in the 12 months to the end of March.
Pre-tax profits decreased by 96% from €3.46m to €108,000. However, the chief factor behind the 2011 €3.46m pre-tax profit was the one-off €2.8m gain from the sale of the Goffs’ Arqana Holdings and its €897,000 share of Arqana’s results from fiscal 2011.
Goffs chairwoman Eimear Mulhern said that when those figures were stripped out, the €108,000 pre-tax profit in fiscal 2012 “was significantly up on the previous year”.
In her annual statement, she said: “Following on from a very difficult trading position, the year has seen satisfactory financial results.” She said market share had “marginally” increased alongside the rise in turnover.
The year’s sales inclu-ded Goff’s smashing the 25-year-old foal record with the €850,000 sale for a Sea The Stars foal and €2.3m for Banimpire –making the filly the most expensive ever sold in Ireland.
Group income — which comprises of entry fees and sales commission from auctions — rose from €9.6m to €9.8m.
Ms Mulhern said the financial year had “been another year of stabilisation and consolidation for the company”.
“It saw a modest return to operating profit, an increase in turnover, significant improvement in the debtor book, stabilisation of costs and significant further integration between the two bloodstock companies, Goffs Bloodstock Sales and Doncaster Bloodstock Sales.”
At the end of March this year, the group had shareholder funds totalling €21.8m, which included €6.6m in accumulated profits. The group’s cash stood at €2.4m.
Directors’ remuneration for management services fell from €663,000 in 2011 to €631,000.
The profit takes account of combined non-cash depreciation and amortisation costs totalling €1m.
Group chief executive Henry Beeby said the past year had “been a year of many highlights in the auction ring for the Goffs Group with modern-day auction records on both sides of the Irish Sea”.
Referring to current challenging economic conditions, Mr Beeby said it was “particularly pleasing that Goffs bucked those negative trends last year with a 21% in Irish ring turnover”.
“I remain quietly optimistic for our prospects as we have two award winning sales complexes and a portfolio of sales to cater to every type of thoroughbred at all levels of the market.”