Saturday 16 November 2019

Profits gallop ahead by 8pc at Goffs to €3.42m


Goffs chairman Eimear Mulhern
Goffs chairman Eimear Mulhern

Gordon Deegan

The sale of a €1.6m colt by Frankel at Goffs helped pre-tax profits gallop ahead by 8pc at the bloodstock firm to €3.42m in the past year.

The sale of the horse was part of a ring turnover that broke the €40m barrier at the annual Orby Sale at Goffs and formed part of a total ring turnover of €177m in the year to the end of March 2018 as the firm enjoyed a bumper 12 months.

The total ring turnover increased by 3.4pc and Group ceo Henry Beeby, in his report, said that the €177m in ring turnover represents an increase of 119pc this decade.

Chairwoman Eimear Mulhern said that in view of the very satisfactory performance, Goffs is proposing a dividend of 8.5c per share and this is to be approved at the Goffs AGM on October 19 next.

The planned payout follows a dividend payout of €499,000 in 2017.

In her report, Ms Mulhern stated: "Brexit is of course a major worry to our business.

"We are working closely with industry bodies to identify the potential risk and measures which may help to soften its impact."

Net revenues at Robert J Goff & Co plc last year increased marginally going from €17.2m to €17.45m.

Pay to directors last year totalled €1.2m and that included €118,600 in pension payments.

Numbers employed by Goffs last year increased to 90, while staff costs increased from €4.89m to €5m. Shareholder funds totalled €30m.

Irish Independent

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