Saturday 18 November 2017

Flagship sale helps Goffs to seven-fold rise in profits

The Orby sale was the financial highlight at Goffs last year.
The Orby sale was the financial highlight at Goffs last year.

Bloodstock sales firm Goffs last year recorded a seven-fold increase in pre-tax profits to €755,000 after ring revenues topped €102m.

Boosted by sales of €27m over two days at the annual flagship Orby thoroughbred yearling sale last October, Goffs recorded "a significant turnaround in its performance" in the 12 months to March, according to chairwoman Eimear Mulhern.

"We have seen an increase in turnover and profitability, further improvement in the debtor book and continued stabilisation in costs," Ms Mulhern said.

The daughter of the late Charlie Haughey added that the board was recommending the payment of a modest 2c per share this year based on the improved financial position. The dividend is to be approved at the group's AGM on October 21 and will be accounted for in the current financial year.

Gordon Deegan

Irish Independent

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