Goffs reports annual earnings of ?2 million

Bloodstock auctioneer Goffs yesterday reported that it made profits of almost €2 million in the year to the end of March.

Robert J Goff & Co said trading profits grew by 15 per cent year-on-year to €1.9 million. Earnings per share grew 18 per cent to 33 cents.

The company had a profit of €5 million in 2003, but over €3 million of that was attributed to a net gain on the compulsory sale of land to the National Roads Authority to facilitate a motorway development.

The company said this year's trading performance was its strongest ever.

Goffs Bloodstock Sales Ltd in Ireland had double-digit returns from most auctions, while its February sale delivered 47 per cent growth, the company said.

In France, it focused on integrating last year's acquisition, Trotting Promotions Ltd, into its Saint-Cloud operation. The French operation continues to make a significant contribution, according to yesterday's statement.

An announcement with the results said that the return enables the company to increase its investment in sales and marketing, capital expenditure and working capital " to maximise its globally recognised position in the highly competitive bloodstock sales market."