A strong year for Irish bloodstock agency BBA (Ireland) was a major factor propelling the annual financial results of the British Bloodstock Agency to their highest levels in 10 years in the 12 months to March 31st.
Group profits rose 30 per cent to £428,000 sterling on turnover derived from sales commissions, shipping revenue and nomination income up barely 5 per cent at £6.55 million.
Chairman Mr Christo Philipson said the bloodstock business of Kildare-based BBA (Ireland) achieved "a very significant increase" on the previous year following an increase in marketing investment.
"It is clear that the time invested in the North American, Australasian, Middle and Far East markets over the past few years has started to show returns," he says.
The group topped the Keeneland November Breeding Stock sale by numbers for the second year running.
"Bloodstock commission earned across the group has increased, with a particularly marked contribution from BBA (Ireland)," noted Mr Philipson.
While figures for the Irish operation are not disclosed separately, contributions from the Irish business account are understood to account for up to one-third of the group's results.
Ahead, the board will be asking shareholders to sanction proposals for buying-in up to 10 per cent of the group's shares. The buyback proposals have been drawn up since an unsuccessful attempt was made to replace key board members with representatives of minority shareholders with the aim of improving returns to shareholders.
