Profits at Cian O'Connor firm jump to record €1.65m
Olympic medalist Cian O'Connor's horse-breeding firm last year enjoyed a record year and cleared profits of €1.65m.
Mr O'Connor confirmed that his bloodstock business at his Karlswood Stables at Tara, Co Meath achieved the record profits after the company recorded revenues of €8.6m.
Mr O'Connor said that his business sold 22 showjumping horses in 2016 - with €2.3m paid for the most expensive horse.
He said that in 2017, his Ronnoco Jump Ltd firm is on course to increase revenues and profits by 60pc. The company's cash pile last year soared from €444,000 to €2.4m.
At the end of December last, accumulated profits had climbed to €3.75m.
"We are going well, but we are re-investing the profits back into the business by purchasing new stock and we hope to develop a centre of excellence over the next two years. The business is ever-evolving," said Mr O'Connor.
The company employs 12 people and Mr O'Connor added: "Our business can be divided into four segments: trading in international showjumping horses; coaching riders; training showjumping horses and prize money won in competition."
Asked about the leap in profits at his company last year, Mr O'Connor said: "It's often difficult to measure the success of the company over one year as perhaps a top horse took two or three years to develop, so really the profits from those sales should be attributed to a number of years hard work."
Mr O'Connor, the grandson of former rugby international, the late Karl Mullen and godson of businessman Tony O'Reilly, added: "That said, all parts of the business have been developing steadily over the past few years.
"We have tried to have a presence also outside of Europe with particular interest in North America which is a large market for us regarding exporting of horses."
On the projected 60pc rise in business this year, he said: "A significant amount of horses that we were shareholders in sold extremely well."