DIFFICULT trading conditions in the Irish and French blood stock industries, led to Robert J Goff's pre tax profit falling from £492,000 to £340,000, in the year ended March 31st 1996.
Nevertheless, the company has resumed dividend payments, following a change in the structure of its reserves. A dividend of 0.25p net per share has been declared. This is twice covered by earnings.
Group income fell from £3,350,000 to £3,136,000. Income was reduced in both areas of operation in Ireland and in France.
Although costs were cut by 2 per cent, the volatility of the bloodstock business, the "tight" commission rate of 5 per cent and "acute" competition "made it difficult to maintain a level rate of progress", said chairman Dr Michael Dargan.
Developments at the 90 acres Kill sales complex are continuing. These are fully used for only 30 days a year. Goff is developing commercial usage for other times and bookings are said to be "encouraging". Three new tenants have moved in.
The group has amended the structure of its October yearling sales which has been "very warmly received" by breeders.
The yearlings available for later sales are to be "attractively presented" in early November and December.
Income and profits from both bloodstock and financial services fell in the group's latest results. In bloodstock, income fell from £3,192,000 to £2,988,000 while pre tax profit dropped from £369,000 to £232,000.
In financial services, income dropped from £158,000 to £148,000 and pre tax profit declined from £123,000 to £108,000.
A breakdown by location shows a fall in pre tax profits from both Ireland and France. In Ireland there was a drop from £293,000 to £200,000 while in France there was a decline from £199,000 to £140,000.
:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/VR3765MFOBH2NMV2QNICYDF67M.png)