Sunday 22 January 2017

Goffs enjoys bumper year as turnover tops €153m

Gordon Deegan

Published 20/10/2015 | 02:30

Eimear Mulhern, chairwoman of Goffs, forecasts positive season
Eimear Mulhern, chairwoman of Goffs, forecasts positive season

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

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Group ring turnover at Goffs increased by 15pc to €153m last year.

According to chairwoman Eimear Mulhern, 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".

A daughter of the late Charlie Haughey, Ms Mulhern added: "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 (144pc) and we feel confident of reaching targets set."

She added: "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 Mulhern said that Goffs is proposing a dividend of 5c per share and is to be approved at the group's AGM on this Friday, October 23.

The 5c per share dividend follows a 3c per share dividend in 2014.

In his report, group chief executive Henry Beeby said 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 as it has the highest turnover of any sale by some margin and last year in its the two days, revenues increased by 11pc to €38.5m.

The figures show that pre-tax profits by Robert J Goff & Co plc remained static last year at €1.8m in spite of net revenues increasing by 19pc from €12.99m to €15.48m.

The main factor behind pre-tax profits not increasing in line with revenues was the firm's non-cash amortisation and depreciation costs increasing almost three-fold from €1m to €2.9m driven by an accelerated amortisation charge of €1.7m for the year.

Remuneration for directors last year jumped from €1m to €1.12m that includes pension contributions of €112,640.

Shareholder funds stood at €25m that included €9.7m in accumulated profits while cash increased to €5.5m. Numbers employed rose to 82 with staff costs totalling €4.26m.

Irish Independent

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