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Yearlings @ Goffs

Goffs have had to reduce their workforce as a result of losses endured

  PICTURE: EDWARD WHITAKER  

Goffs reports
tough year of trading

GOFFS has reported that it suffered a pre-tax loss of €3million to the end of last March, and that the Kildare-based company has had to reduce its workforce as a result.

The cuts were achieved through redundancy and early retirement, according to Goffs chairman Eimear Mulhern, while the company also axed eight sale days this year in an effort to minimise losses.

After recording a €1million pre-tax profit in 2008, turnover for the year dropped by 14 per cent from €21million to €18million.

"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," said Mulhearn in a statement.

"In the current year, the company in common with other businesses in Ireland has experienced a serious decrease in business and accordingly, the board has decided not to recommend a dividend to shareholders."

A major sufferer was the company's Irish bloodstock operation sector, which endured a €4million hit after income dropped by 34 per cent to €7.8million.

"As these results show, this has been a most challenging year for the Goffs Group on both sides of the Irish Sea, but we have taken assertive action to react to the global economy," said Henry Beeby, Goffs chief executive.

"We have reviewed sales on a day-by-day basis and have eliminated loss making days."

 

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