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Goffs profits dip despite €3.2m filly sale

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Goffs CEO Henry Beeby. Photo: PAUL FAITH/AFP/Getty Images

Goffs CEO Henry Beeby. Photo: PAUL FAITH/AFP/Getty Images

AFP/Getty Images

Goffs CEO Henry Beeby. Photo: PAUL FAITH/AFP/Getty Images

A record €3.2m Irish sale for a yearling filly at Goffs' annual Orby sale was not enough to prevent a 33pc slump in pre-tax profits to €2.28m at the bloodstock business this year.

Accounts filed by Robert J Goff & Co show the business recorded the sharp drop after group ring revenues declined by 6pc to €165.63m in the 12 months to the end of March.

In his report, CEO of Goffs, Henry Beeby, said that "record prices grab the headlines but consistency is required at all levels to deliver growth, and that was not achieved in this 12-month period".

Mr Beeby said that the 6pc drop in ring revenues was more likely a combination of circumstances, including Brexit and over-production.

In his report, Mr Beeby said that Orby is the company's highest-earning sale every year and did not disappoint, with a record turnover of €43.5m.

In her report, Goffs chairwoman Eimear Mulhern said the "very disappointing" November breeding stock sale was the main reason for the drop in group ring revenues.

She said, however, that the year to the end of March last "was a satisfactory year for the company", stating that the business had performed very well in many sectors.

Irish Independent