Record sale of Frankel foal helps to boost Goffs coffers

The record €1.8m price secured for a filly foal by the brilliant racehorse Frankel at auction contributed to pre-tax profits at Goffs totalling more than €1.8m last year.

Last year, group ring turnover at Goffs increased by 15% to €153m and, according to chairwoman Eimear Mulhearn, the year to March 2015 “has been a very positive one for the company and one which has delivered a very strong financial performance with increased gross profit and increased case and bank reserves”.

Ms Mulhearn, a daughter of the late Charles Haughey, said: “The outlook for the coming sales season is positive. We are budgeting for steady growth in the year ahead, building on the significant gains made over the last four years [144%] and we feel confident of reaching targets set.

“Horses sold by Goffs and Doncaster Blood Sales have had another tremendous year on the racetrack and this, of course, is the true barometer of the quality of bloodstock on offer at our sales.”

Ms Mulhearn said Goffs is proposing a dividend of 5c per share — to be approved at the AGM on Friday. This follows a 3c per share payout last year.

In his report, group chief executive Henry Beeby said that Goffs enjoyed another year of growth and innovation “with record-breaking sales and unprecedented publicity that only enhanced the Goffs brand on the global stage”.

Mr Beeby said that Goffs’ annual Orby Yearling Sale is crucially important to the company as it has the highest turnover of any sale by some margin and last year the two days saw revenues increase by 11% to €38.5m.

Non-cash costs hindered Goffs’ profit growth last year, but net revenues grew by 19% to €15.48m.