Goffs records a 39% jump in profits

Profits at racehorse auctioneer, Robert J Goff, grew a record 39 per cent to €3.6 million in the 12 months to March 31st. The growth was largely driven by its flagship Million Sale of yearling thoroughbreds, which saw turnover jump 34 per cent year-on-year to €59.2 million in 2006.

The sale is held in the last week of September every year. All horses sold qualify to run the subsequent year in a race at the Curragh which offers a guaranteed prize-fund €1 million.

Goffs chairman Oliver O'Reilly said yesterday that the race had resulted in an increase of the quality of horses passing through its Co Kildare sales ring in September. "We are very pleased with the quality, which is very important to us," he said.

Goffs recently bought English competitor, Doncaster Bloodstock Sales (DBS) and a 30.5 per cent stake in French auctioneer, Arqana, which runs that country's highest ranked sale at Deauville in Normandy.

This year's version ended last week and turnover was €37 million, up from €30 million in 2006.

The company said that this expansion would bring turnover next year to €200 million.

The DBS flagship, the St Leger Yearling Sale, began yesterday and Mr O'Reilly said the initial feedback was that the market was strong.

Mr O'Reilly explained that bringing the two operations under the one roof would allow Goffs to offer a better service to its customers, sellers and buyers, and an opportunity to create greater efficiencies.

Goffs biggest competitor, Tattersalls in Newmarket, England, is launching its own millions sale and race this year. As part of its marketing campaign it is sponsoring the prestigious Irish Champion Stakes at Leopardstown next week.