Profits at Goffs falls to €2.2m

A record €3.2m Irish sale for a yearling filly at Goff’s annual Orby sale was not enough to prevent it posting a 33% slump in pre-tax profits to €2.2m.

Profits at Goffs falls to €2.2m

A record €3.2m Irish sale for a yearling filly at Goff’s annual Orby sale was not enough to prevent it posting a 33% slump in pre-tax profits to €2.2m. New accounts filed by Robert J Goff & Co plc show that the business also posted a 6% fall in revenues to €165.6m in the 12 months to the end of March.

In his report, Goffs chief executive Henry Beeby said that “record prices grab the headlines, but consistency is required at all levels to deliver growth and that was not achieved in this 12-month period”.

The fall in ring revenues was likely due to a range of circumstances, including Brexit and over-production, Mr Beeby said.

In his report, he said that Orby is the company’s highest-earning sale and delivered a record turnover of €43.5m. Mr Beeby said that the sale of world’s two highest-priced yearling fillies of the year, at €3.2m and €2m, underlined Goffs’ “consistent performance of achieving the best for the best”.

Goffs chairwoman Eimear Mulhearn said in her report that the “very disappointing” November breeding stock sale was the main reason for the 6% fall in group ring revenues.

Ms Mulhearn said, however, that the year to the end of March “was a satisfactory year for the company”, adding the company had performed very well in many areas, with the exception of the November breeding stock sale.

Ms Mulhearn said that the board is recommending a reduced dividend payment of 5.5 a share at a total payment of €366,000. That compares to 8.5cent for a total of €566,000 last year.

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