In its latest annual report, chairperson Eimear Mulhern said the board “was pleased to report another strong year for the company”.
Ring sales dropped from €238.3m to €208.48m, but Ms Mulhern said that “while turnover and profit declined compared to the previous year, it is important to note that the prior year’s figures were positively impacted by the sale of a significant portfolio of the Niarchos family bloodstock”.
The Greek family’s decision to restructure their thoroughbred interests resulted in a high-profile sale in Kildare at the end of 2023, with Group 1-winning Alpha Centauri and Alpine Star selling for €6m each.
The latest accounts show net revenues at Goffs declined by 8pc from €23.94m to €22.03m. Group chief executive Henry Beeby said the results were “satisfactory” and “ring turnover topped €200m for only the third time in the company’s 160-year history, which drove a pre-tax profit of €2.8m”.
One of the highlights at the Goffs Orby sales last November was Godolphin paying €2m for Loch Lein from Denis Brosnan’s Croom House Stud in Co Limerick
The directors of Goffs are proposing a 10.5 cent dividend per share for the 12 months to the end of March, which would follow a dividend pay-out of €899,000 in the prior year.
In his report, Mr Beeby said that the November foal sale was one of “true strength and depth that was, at times, simply extraordinary”.
He said: “A €1m foal is always a big deal but that is only part of the story as the results were simply breathtaking as the number of six-figure lots rose from 42 to 75.”
In their reports, both Ms Mulhern and Mr Beeby pay tribute to Goff’s largest shareholder, the Aga Khan, who died last February. “The modern-day Goffs would be much the poorer without his support, counsel and influence and we owe him an unquantifiable debt of gratitude on so many levels,” Mr Beeby said.
On the sales season ahead, Ms Mulhern says the lower end of the marketplace remains sensitive to economic conditions and may present some difficulties. “We expect the upcoming sales season will reflect this dynamic, with strong performance at the top end of the market and challenges at the lower end.”
The group’s operating profits decreased by 19pc to €3.45m and net interest payments of €622,000 reduced profits to a pre-tax profit of €2.83m.
The group recorded a post-tax profit of €2.15m after incurring a corporation tax charge of €680,000.
The profit last year takes account of non-cash depreciation costs of €872,000.
Numbers employed by Goffs remained at 84, with 61 permanent staff and 23 temporary staff.
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