Goffs cuts workforce in response to €3m loss

BLOODSTOCK SALES group Robert Goff has reduced its workforce in response to the downturn in the world’s bloodstock industry.

Goffs chairwoman Eimer Mulhern said the cuts had been achieved through redundancy and early retirement.

The announcement came in her statement accompanying accounts recording that Robert J Goff Co sustained a pre-tax loss of €3 million to the end of last March.

The filings show that the Kildare-based company recorded the €3 million loss after securing a €1 million pre-tax profit in 2008.

Turnover dropped 14 per cent to €18 million last year from €21 million in the 12 months to March 2008.

The detailed breakdown of the accounts show the company’s Irish operation has been the hardest hit. The company’s bloodstock activities in Ireland recorded a €4 million loss compared to a €947,000 profit in “other EU countries”.

Income in its Irish-based bloodstock activities dropped by 34 per cent to €7.8 million from €11.9 million a year previously compared to a 10 per cent increase in income from that sector in other WEU countries to €10.2 million from €9.2 million.

Goffs group chief executive Henry Beeby confirmed in his report with the accounts that Goffs has undertaken “a major cost-cutting exercise in all areas of the business”.

He said: “As these results show, this has been a most challenging year for the Goffs Group on both sides of the Irish sea, but we have taken assertive action to react to the global economy.

“We have reviewed sales on a day-by-day basis and have eliminated lossmaking days.”

Ms Mulhearn said: “Sales at Goffs Ireland had benefited from the unprecedented boom in the Irish economy over the last number of years, but were affected severely in the market downturn.

“In the current year, the company in common with other businesses in Ireland has experienced a serious decrease in business and accordingly, the board has decided not to recommend a dividend shareholders.”