Goffs profits halve to €1.8m on ‘inflationary cost increases’

Rising costs halved profits at bloodstock auctioneer Goffs to €1.8 million in the 12 months to the end of March, newly-filed accounts show.

The news comes just weeks after turnover at its most important annual auction of racehorses, the Orby Sale, comfortably beat last year’s figure to reach €53.8 million.

New accounts for the business show that turnover rose 13.2 per cent in the 12 months to March 31st to €21.6 million from €18.9 million in its previous financial year.

Profit more than halved to €1.8 million from €3.7 million over the same period. Chairwoman, Eimear Mulhearn, blames “significant inflationary cost increases” for most of the fall in profitability, in her report.

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Operating profit – calculated before taking interest bill into account – fell at the same rate to €2.3 million from €4.5 million, the figures show.

Goffs’ 2023 Orby sale which took place at the end of last month, generated €53.8 million in turnover. Breeders offered 497 horses for sale, of which 438 were bought, for an average of €122,764.

The highest priced lot, a filly fathered by champion racehorse, Frankel, commanded €1.85 million, bid by MV Magnier of Coolmore Stud.

Last year’s version generated €50.2 million, with 467 horses offered and 414 sold for an average of €121,267. The top-priced sale was a filly by Royal Ascot winner, No Nay Never, who fetched a record €2.6 million.

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Dubbed “the most important 48 hours of our year” by Goffs’ chief executive, Henry Beeby, the Orby sale features expensively-bred yearling racehorses ultimately intended for careers in elite flat racing.

Goffs runs 25 sales a-year from 10 locations in Ireland, Britain, France and around the world. The auction house sells horses for flat and jumps racing on behalf of its vendors in return for a commission.

The firm sponsors the Goffs Million race at the Curragh in September, which is restricted to horses sold by the auctioneer and offers lucrative prize money to the winner and placed runners.

“The year to March 31st saw Goffs sales reach a new high with a record-breaking turnover at all sales of €215 million, a rise of 18 per cent over the €181 million of 12 months previously which was a record in itself,” says Mr Beeby in his report.