By Gordon Deegan
Pre-tax profits at the Co. Limerick-based bloodstock business co-owned by well-known businessman Denis Brosnan, fell by 20% last year to €363,857.
New accounts filed by Brosnan’s Epona Bloodstock Ltd. show that it recorded the pre-tax profit decline after revenues decreased by 31% from €4.4 million to €3.06 million in the 12 months to the end of June 2021.
The pre-tax profit of €363,857 last year follows pre-tax profits of €453,876 in the prior year.
Epona Bloodstock is the firm that operates the 270ac Croom House Stud farm in west Limerick.
Croom House is the property of 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 thoroughbred horses onto the property.
The bulk of the firm’s revenues were generated from bloodstock sales at €2.52 million, compared to €4 million under that heading in 2020.
The rest of the firm’s revenues last year was made up of €270,144 in administration services; €242,122 in ‘livestock’; €20,340 in the keeping of mares; and €2,475 relating to ‘sundry’.
The figures show that €2.37 million of revenue was generated in the UK with €687,339 in Ireland.
Numbers employed by the firm last year declined by one and staff costs last year totalled €551,829.
The firm last year received €146,310 in government Covid-19 wage supports and this followed €49,423 received under the same heading in 2020.
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 €3.15 million that included €3.14 million in accumulated profits.
The company’s cash funds increased sharply from €5,340 to €611,231.
The accounts show that Denis Brosnan ploughed €263,671 into the business last year. The firm repaid €650,000 to Brosnan last year while the company made sales of €145,000 to him.
The accounts disclose that Brosnan has provided a personal guarantee provided to the company not exceeding €5 million.