Pretax profits at bloodstock auctioneer Robert J Goff fell by €1 million in the year to end of last March, the company's annual report shows.

The Kildare-based bloodstock dealer, which has bloodstock auctioneering, financing and insurance businesses in the Republic and France, had income of €10 million during the year, down slightly on the €10.35 million recorded in the year ending March 2004.

The company had profits before tax of €1.52 million, down 40 per cent on the previous year's pretax earnings of €2.55 million.

The €300,000 drop in income and a near €700,000 increase in operating expenses to €5.8 million were the main reasons for the fall in profits.

A €110,000 drop in tax charges to €372,000 left profits after tax at €1.15 million, 25 per cent down from €2 million in 2004.

Earnings per share (eps) were 16 cent, 50 per cent of last year's eps of 33 cent.

Its balance sheet remained strong with shareholders' funds of €18.9 million at the end March, up from €18.1 million.

The accounts also show that it paid its 10 directors a total of €746,000, a €13,000 increase on 2004.

Earlier this year, the company launched the Goff's Million Sale race, which is aimed at boosting its premier sale for one-year-old thoroughbreds (yearlings), which is held in September.

The race will be run at the Curragh next year and there will be a purse of €1.6 million, with €1 million going to the winner.

Only those horses bought at September's yearling sale (now to be known as the Goff's Million Sale) this year will be eligible to run.

The move is aimed at boosting the quantity and quality of yearlings offered for sale in September. Its competitors in the Republic and Britain have been attracting a growing number of the quality Irish-bred racehorses offered for sale in recent years.