Increase in profits at bloodstock business co-owned by well-known Limerick businessman
PRE-TAX profits at the County Limerick-based bloodstock business co-owned by well-known businessman, Denis Brosnan increase by 5% last year to €381,656.
New accounts filed by Mr Brosnan’s Epona Bloodstock Ltd show its pre-tax profit increased after revenues went up by 29%, from €3.06million to €3.94million, in the 12 months to the end of June 2022.
The pre-tax profit of €381,656 last year followed pre-tax profits of €363,857 in the prior year.
Epona Bloodstock is the firm that operates the 270 acre Croom House Stud farm in west Limerick.
Croom House is the property of the former Kerry Group chief executive Denis Brosnan who, along with Joan Brosnan, purchased the house and lands in 1986, restored the stables and yards and brought their own thoroughbred horses onto the property.
The bulk of the firm’s revenues were generated from bloodstock sales at €3.19million compared to €2.5m under that heading in 2021.
Last year, Croom House Stud put forward top quality yearlings for sale at Deauville, Doncaster, Goffs, Tattersalls Ireland and Tattersalls UK.
The rest of the firm’s revenues last year were made up of €228,307 in ‘livestock’; €451,488 in administration services and €62,753 in the keeping of mares.
The figures show that €3.28m of revenues were generated in the UK with €658,424 in Ireland.
The profits last year take account of non-cash depreciation costs of €126,100.
Numbers employed by the firm last year, increased by one to 13 and staff costs last year increased from €551,829 to €620,539.
The firm last year received €50,050 in Government wage supports and this followed €146,310 received under the same heading in 2021.
A note states that “during the financial year, the company received government assistance to mitigate the financial impact of Covid-19”.
At the end of June last year, the company had shareholder funds of €3.48m that included €3.47m in accumulated profits.
The company’s cash funds decreased sharply from €611,231 to €155,463
The accounts disclose that the book value of the firm's livestock and bloodstock increased from €4.6 million to €4.9m last year. The firm also has financial assets of €140,001 and tangible assets of €146,108.
The accounts – signed off on June 8 - also show that Mr Brosnan has provided a personal guarantee to the company not exceeding €5million.
According to the Croom House Stud website, 30 broodmares are kept, owned by Denis and Joan Brosnan or by Epona Bloodstock at the stud.
The website states that the the rich limestone land “makes it possible to keep mares, yearlings and other followers outside in sheltered paddocks for most of the year with minimal time spent in stables”.
It adds: “This has enabled Croom House to produce strong tough horses with great bone who have made their mark on racetracks throughout the world over the past twenty years.”
Directors on the board of Epona Bloodstock are listed as Denis Brosnan, Joan Brosnan, Paul Brosnan and Mary Brosnan.