IGB boss sounds warning after recording €171k loss
Published 25/06/2015 | 02:30
The chief executive of the Irish Greyhound Board (IGB) has warned that the IGB cannot keep funding tracks which are not giving a return on money spent.
Geraldine Larkin sounded the warning in the just published IGB annual report for 2013 that show that the IGB slipped into the red to record pre-tax losses of €171,744.
The IGB recorded a pre-tax profit of €308,069 in 2012.
Revenues declined by 3.5pc to €39m in 2013.
The report has been published only in recent days on the IGB's website and after the Minister for Agriculture, Simon Coveney, was asked written questions in the Dail as to when the 2013 annual report would be published.
The heavily-indebted IGB recorded an operating profit of €330,514 in 2013 and interest payments of €502,258 resulted in the pre-tax loss.
The IGB's net debt at the end of 2013 stood at €21.8m and its credit facilities are on an interest-only basis.
Adrian Neilan stepped down as CEO in January 2014 and the accounts show Mr Neilan received €204,481 in 2013 made up of a basic salary of €162,043, pension payments of €38,315 and other remuneration of €4,123.
The IGB's earnings before interest, tax, depreciation and amortisation (EBITDA) fell by 66pc to €853,598.
In 2013, the numbers going to IGB race meetings fell by 4.5pc to 687,510 with the average attending each meeting at 392.
In the report, Ms Larkin said: "While some tough decisions were initially required, we are confident that Bord na gCon can be restored to a profitable organisation which people will be proud to be involved with."
She warned: "This will not be easy."