Goffs profits jump 15% on €1.4m sale of prized colt

The €1.4m sale of a prized colt at the annual Orby sales at Goffs contributed to the group increasing its pre-tax profits by 15% to €2m in its last financial year.

Goffs’ group ring turnover increased by 2.3% to €159.2m, prompting chairwoman Eimear Mulhern to describe the 12 months to the end of March as “very satisfactory”.

Ms Mulhern — daughter of former Taoiseach Charles Haughey — added: “We believe that the year ahead will be one of financial consolidation. The effects of Brexit cannot be fully assessed at this early stage and its overall impact on the bloodstock industry is impossible to ascertain.

“This calls for prudent management, constant monitoring of costs and early identification of potential risks. However, we are confident of a vibrant sales season this autumn.”

Despite Brexit uncertainty, Goffs — which is celebrating its 150th anniversary this year — has recommended a dividend payout of 5c per share, due to be voted on at its AGM later this month.

Goffs has paid out more than €530,000 in dividends in the past two years. Its latest accounts show net revenues, in its last fiscal year, increased by 6% to €16.4m, with €10.3m of those being generated in Ireland and the rest in other areas of the EU.

Staff costs increased from €4.4m to €4.7m, with compensation to key management personnel, including directors, totalling €2.7m.