Sale helps Goffs profits

The record €6m price secured for filly-in-training Chiquita at auction contributed to pre-tax profits at Goffs more than doubling last year to €1.8m.

Group ring turnover at bloodstock auctioneers Goffs increased by 28% to €130m in the year to the end of March 31, 2014, and, according to chairwoman Eimear Mulhearn, “we are very pleased to report that the group has produced the best set of financial figures since financial year to March 2007”.

She said: “We have seen significant growth in turnover, profit, cash balances and a further reduction in the debtor book.”

Ms Mulhearn said that Goffs is proposing a dividend of 3c per share that will go for approval at the group’s AGM on October 24 next.

The proposed dividend follows a 2% share in dividend last year.

A daughter of the late Charlie Haughey, Ms Mulhearn said: “The difficult measures and the strategic planning undertaken by Goffs in the last number of years, has positioned the company to benefit strongly from this upturn.

On the group’s bloodstock activity, Ms Mulhearn said: “Goffs in Ireland has had a very good trading year, assisting by some high profile disposals such as the Paulyn and Citadel sales.”

Reflecting on fiscal 2014 in his report, group chief executive Henry Beebystated: “What a year,” commenting that the year “saw Goffs truly perform on the international stage as we surpassed a number of landmarks and records”.

On the current year, Mr Beeby said: “I am pleased to report that the new financial year has started in excellent style with some very promising results.”

The figures show that income generated by Robert J Goff & Co last year increased by 16% going from €11.1m to €12.9m, while the group’s operating profit increased by 66% going from €1.36m to €2.2m.

Net interest payments of €475,000 reduced the group’s profits to €1.8m.

The figures show that the group’s shareholder funds stood at €23.82m that included €8.5m in accumulated profits.

The profit last year takes accounts of combined non-cash depreciation and amortisation costs of €1m.

The filings show that the numbers employed by the group last year increased from 70 to 78 made up of 46 permanent and 32 temporary workers. Staff costs last year increased from €3.72m to €3.94m with remuneration for directors increasing from €852,000 to €886,000.

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