Saturday 3 December 2016

Profits race to €2m at Goffs as ring turnover hits €159m

Gordon Deegan

Published 08/10/2016 | 02:30

Churchill, ridden by Ryan Moore, wins this year’s Goffs Vincent O’Brien National Stakes. Goffs itself has announced ‘very satisfactory’ results
Churchill, ridden by Ryan Moore, wins this year’s Goffs Vincent O’Brien National Stakes. Goffs itself has announced ‘very satisfactory’ results

A €1.4m sale of a prized colt at the annual Orby sales at Goffs last year contributed to the group increasing its pre-tax profits by 15pc to €2m.

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Last year, group ring turnover at Goffs rose to €159.2m. Goffs plc chairwoman Eimear Mulhearn said the year to March 2016 "has been very satisfactory".

A daughter of the late Charlie Haughey, Ms Mulhearn added: "We believe that the year ahead will be one of financial consolidation.

"The effects of Brexit cannot be fully assessed at this early stage and its overall impact on the bloodstock industry is impossible to ascertain."

She added: "This calls for prudent management, constant monitoring of costs and early identification of potential risks. However, we are confident of a vibrant sales season this autumn."

Ms Mulhearn said the year had significant highlights including the Orby Yearling Sale that delivered four millionaire yearlings.

Ms Mulhearn said that despite Brexit and some global instability, Goffs was recommending a dividend payout.

Chief executive Henry Beeby, said a 2.3pc increase in revenues follows the 96pc growth over the last five years.

Goffs is proposing a dividend of 5c per share and is to be approved at the group's AGM on October 21. The 5c per share follows a 5c per share in the 12 months to the end of March last that equated to a payout of €332,000.

Net revenues from €15.5m to €16.4m. The group generated €10.3m of revenues in Ireland and €6m in 'other EU' countries.

Directors' remuneration increased to €1.16m. Group shareholder funds stood at €26m, including €10.7m in accumulated profits while cash rose to €7.5m. Compensation to key management personnel totalled €2.7m.

Irish Independent

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