Profits dip by 33% to €666,692 at Denis Brosnan's Limerick bloodstock business
Pre-tax profits at the Limerick-based bloodstock business co-owned by well-known businessman Denis Brosnan last year decreased by 33% to €666,692.
New accounts filed by Mr Brosnan's Epona Bloodstock Ltd, which trades as Croom House Stud, show that its pre-tax profit fell after revenues declined by 45% from €5.09m to €2.78m in the 12 months to the end of June 2024.
The pre-tax profits of €666,692 followed pre-tax profits of €994,620 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 former Kerry Group CEO Denis Brosnan who, along with Joan Brosnan, purchased the house and lands in 1986, restored the stables and yards and brought their thoroughbred horses onto the property.
The bulk of the firm's revenues were generated from bloodstock sales at €2.07m compared to €4.56m in 2023.
The rest of the firm's revenues last year were made up of €162,621 in 'livestock'; €503,081 in administration services and €49,621 in the keeping of mares.
The figures show that €1.78m of revenues were generated in the UK; €947,721 in Ireland; and €58,030 in Europe and the rest of the world.
Profits last year take account of non-cash depreciation costs of €165,107.
Numbers employed by the firm fell by one to 11 last year and staff costs decreased from €724,084 to €721,800.
At the end of June last year, the company had shareholder funds of €5.01m including €5m in accumulated profits. The company's cash funds declined sharply from €22,691 to €7,856.
The business also benefited from a €1m reversal of an impairment loss or provision against amounts due by a related party.
The accounts disclose that the book value of the firm's stock and bloodstock increased from €6.6m to €7.43m last year. The firm has financial assets of €140,001 and tangible assets of €274,150.
The accounts were signed off on May 7 by Paul Brosnan and Joan Brosnan.
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 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 Joan and Denis Brosnan, Paul Brosnan, Cathal Brosnan, and Mary Brosnan.
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