Goffs profit leaps back to €4.4m

Financial figures for the bloodstock business 'make for very happy reading', chief executive said

Goffs had previously described the previous Covid-blighted financial year as 'the most challenging' in its 156-year history, after ring turnover had plunged. File picture: Healy Racing

Bloodstock business Goffs has posted a record pre-tax profit of €4.4m this year on the trading of thoroughbred horses. 

In his report, group chief executive Henry Beeby said the company also posted its highest ever ring turnover of €181m, which he said represented a 71% bounce on the previous year.

The profit of €4.4m in the 12 months to the end of March compare with the almost €1.2m profit for the 2021 financial year. 

The financial figures “make for very happy reading”, Mr Beeby said.

Goffs had previously described the previous Covid-blighted financial year as “the most challenging” in its 156-year history, after ring turnover had plunged. 

The Orby sale, which is usually Goffs’ biggest earning sale of the year, was relocated to Doncaster in England in 2020 due to restrictions on overseas buyers arriving into Ireland. 

In his new 2022 report, Mr Beeby said it was "no secret that it was little short of disastrous when we moved it to Doncaster and I have been very clear in accepting that it was the wrong call at the time”.

He said: “However, Orby 2021 was back where it belonged at the top table of European yearling sales and with seven-figure top prices, a six-figure average and a stunning 91% clearance." 

Staff costs, including pay to directors, for the 81 people at the firm amounted to over €5m.