Sale of €1.4m colt lifts Goffs’ results

The €1.4m sale of the colt Beauty Parlour helped pre-tax profits at bloodstock firm Goffs gallop ahead by 54% to €3.16m in the past year.

The sale of the horse was part of a ring turnover of €39.9m at the annual Orby Sale at Goffs and formed part of a ring turnover of €171.2m at Goffs in the year to the end of last March this year as the firm had a bumper year.

The total ring turnover increased by 7.5% and Goffs chairman Eimear Mulhern described the period as being “another very good year for the company”.

Chief executive Henry Beeby said that the €171m in ring turnover “was one of the highest ever” and means that the company has had an increase of 98% in ring revenues over the past five years.

Ms Mulhern said that in view of the very satisfactory performance, Goffs is proposing a dividend of 7.5c per share to be put to a shareholder vote at the group’s AGM on October 20.

Ms Mulhern said: “The board is pleased to announce increased group cash and bank balances, increased ring turnover, increased profits.

Goffs-sold horses had a superb year on the racecourse in Ireland, the UK and across the globe.”

The company’s net revenues increased by 5% to €17.2m, last year.

Pay to directors last year increased from €1.16m to €1.2m. Total remuneration included €114,628 in pension payments.

Numbers employed by Goffs last year remained at 89 with 60 in administration and 29 in sales.

Staff costs increased from €4.77m to €4.89m. The total pay to key management personnel last year totalled €2.64m.

Ms Mulhern confirmed that discussions are progressing with Topaz to develop a motor services area on a nine-acre site on jointly owned lands along the N7 motorway.

Planning for a 94-bedroom hotel on the site expires in 2019 and Ms Mulhern said that discussions are underway with an established consortium to build and operate the facility.

Ms Mulhern said that Goffs is “looking forward to the year ahead with cautious optimism” saying that the company is gaining momentum in Ireland and the UK.

She said that “the effects of Brexit are as yet unknown”.

Reflecting on 10 years in office, Mr Beeby said that “we have experienced some wonderful highs and some crashing lows as we sold some of the highest priced thoroughbreds in the world… but also endured and navigated the deepest financial crisis in living memory.”


More in this Section

Finance Bill signals new workload for firms on PAYE

Unilever sales under target

Storm clouds over Budget 2018 are yet to blow over

Sterling slips on Moody warning


Breaking Stories

Report reveals slowdown in online sales growth in Ireland

Dow Jones closes higher for fifth straight day

Finance Bill signals new workload for firms on PAYE

Unilever sales under target

Lifestyle

Why a good breakfast is a must for your kids

Facing fears while terrifying punters at Cork's Nightmare Realm

Weathering the storm of 1961: We watched 30 large trees uprooted

Remembering the dead: Poignant reason behind Cork’s Zombie Walk

More From The Irish Examiner