Profits down at bloodstock business co-owned by Denis Brosnan

Pretax profits at the Co Limerick-based bloodstock business co-owned by businessman Denis Brosnan last year declined by 20 per cent to €363,857.

Accounts filed by Mr Brosnan’s Epona Bloodstock Ltd show it recorded the pretax profit decline after revenues decreased by 31 per cent from €4.4 million to €3.06 million in the 12 months to the end of June 2021.

The pretax profit of €363,857 last year follows pretax profits of €453,876 in the prior year.

Epona Bloodstock is the firm that operates the 270-acre Croom House Stud farm in west Limerick.

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Croom House is the property of former Kerry Group chief executive and Horse Racing Ireland chairman Denis Brosnan who, along with Joan Brosnan, purchased the house and lands in 1986 and restored the stables and yards. They brought their own 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.

Livestock and mares

The rest of the firm’s revenues last year were 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 revenues were generated in the UK, with €687,339 in Ireland.

Numbers employed by the firm last year declined by one to 12 and staff costs last year totalled €551,829.

The firm last year received €146,310 in Government 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 Mr Brosnan ploughed €263,671 into the business last year. The firm repaid €650,000 to Mr Brosnan last year while the company made sales of €145,000 to Mr Brosnan.

The accounts disclose that Mr Brosnan has provided a personal guarantee to the company not exceeding €5 million.