Goffs enjoys a ‘significant turnaround’

Bloodstock sales firm Goffs last year recorded a seven-fold increase in pre-tax profits to €755,000 after ring revenues topped €102m.

Boosted by sales of €27m over two days at the annual flagship Orby thoroughbred yearling sale last October, Goffs recorded “a significant turnaround in its performance” last year, according to chairwoman, Eimear Mulhern.

The accounts are for the year to the end of Mar 31 this year (2013) and in her statement, Ms Mulhern said: “We have seen an increase in turnover and profitability, further improvement in the debtor book and continued stabilisation in costs.”

Daughter of the late Charlie Haughey, Ms Mulhern said the board is recommending the payment of a modest 2c per share this year based on the improved financial position.

The dividend is to be approved at the group’s AGM on Oct 21 and will be accounted for in the current financial year (end Mar 2014).

Ms Mulhern said that “cash flow is €2.14m positive for the year, reducing the group’s reliance on bank funding for its working capital requirements.”

On the bloodstock aspect of Goffs business, Ms Mulhern said: “The year past has been a very encouraging one on every level. It has seen a significant return of confidence by the industry in the company and increased support by vendors for our sales.”

Ms Mulhern said the group is well structured “to grow market share in all sectors in the year ahead”.

Goffs group income last year rose 14%, from €9.8m to €11.1m, with group operating profit up 75% from €781,000 to €1.36m.

Goffs’ chief executive Henry Beeby said in his statement: “This has been a positive year for the group with excellent growth in Ireland, strong actions in the UK and the continuing brand building of our property firm, Goffs Country.”

Mr Beeby said that ring turnover has increased by 46% in the past two years, 26% last year alone.

This year’s Orby Yearling sale takes place next week and last year a son of Gallileo topped the two-day sale when €800,000 was paid for the colt.

Sales at the Orby sale last year represented a 33% increase in revenues on 2011.

The group’s shareholder funds stood at €22.34m, including €7.1m in accumulated profits.

Staff costs last year dropped marginally from €3.8m to €3.7m with remuneration for directors increasing from €801,000 to €852,000.

Ms Mulhern said Goffs is continuing to secure planning with partners Applegreen for a Motor Services Area (MSA) on Goffs lands adjoining the N7.

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