Goffs' profits race ahead to €3.1m as ring sales surge
The sale of the €1.4m 'Beauty Parlour' colt at Goffs helped pre-tax profits jump by 54pc to €3.16m at the bloodstock firm in the past year.
The sale of the horse was part of a ring turnover of €39.9m at the annual Orby Sale at Goffs and formed part of a total ring turnover of €171.2m in the year to the end of March this year.
The total ring turnover rose by 7.5pc and Goffs chairman Eimear Mulhern, pictured, said that the year to the end of March 2017 "has been another very good year for the company".
Group CEO Henry Beeby said in his report that the €171m in ring turnover "was one of the highest ever" and means that the company has enjoyed an increase of 98pc in ring revenues over the past five years.
Ms Mulhern said Goffs is proposing a dividend of 7.5c per share and is to be approved at the group's AGM on October 20 next.
The 7.5c per share follows 5c per share in the 12 months to the end of March 2016 that equated to a pay-out of €332,000 and this followed a dividend payout of €332,000 in the previous year.
In her report, Ms Mulhern stated: "The board is pleased to announce increased group cash and bank balances, increased ring turnover, increased profits.
"Goffs-sold horses enjoyed a superb year on the racecourse in Ireland, the UK and across the globe."
Net revenues at Robert J Goff & Co plc last year increased from €16.4m to €17.2m. Direct sale costs totalled €4.2m while the business also recorded operating costs of €10.37m.
Pay to directors last year increased from €1.16m to €1.2m, including €114,628 in pension payments.
Numbers employed by Goffs last year remained at 89 with 60 in administration and 29 in sales. Staff costs increased from €4.77m to €4.89m. The total pay to key management personnel last year totalled €2.64m.
Shareholder funds at the end of March of this year totalled €16.5m. The company recorded post tax profits of €2.57m after paying corporation tax of €588,000.
In her report, Ms Mulhern confirmed that discussions are progressing with Topaz to develop a motor services area on a nine-acre site on jointly owned lands along the N7. Planning for a 94-bedroom hotel on the site expires in 2019 and Ms Mulhern said discussions are under way with aconsortium to build and operate the facility.
Ms Mulhern said that Goffs is "looking forward to the year ahead with cautious optimism". Goffs has a UK arm and she said "the effects of Brexit are as yet unknown".