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Goffs Reports $4.8m Loss In Ireland

Friday, 30th October 2009

In Ireland, thoroughbred auction house Goffs “has reported it suffered a pre-tax loss of €3 million (A$4.8m) to the end of last March & the Kildare-based company has had to reduce its workforce as a result,” reported racingpost.com. Goffs chairman Eimear Mulhern revealed “the cuts were achieved through redundancy & early retirement, while the company also axed 8 sale days this year in an effort to minimise losses”. After recording a €1 million (A$1.6m) pre-tax profit in 2008, turnover for the year dropped by 14% from €21 million (A$33.6m) to €18 million (A$28.8m). Mulhearn noted: “Sales at Goffs Ireland had benefited from the unprecedented boom in the Irish economy over the last number of years, but were affected severely in the market downturn. In the current year, the company in common with other businesses in Ireland has experienced a serious decrease in business.” A major sufferer was the company's Irish bloodstock operation sector, which endured a €4 million (A$6.4m) hit after income dropped by 34% to €7.8 million (A$12.5m).

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