Accumulated profits at the Curragh-based horse racing company owned by trainer Dermot Weld increased to €4.47 million in 2021.
Accounts recently filed by Mr Weld’s Rosewell Racing Ltd, which is based in Co Kildare, show the company recorded a post-tax profit of €99,950 in 2021. This was down sharply on the post-tax profit of €417,982 in 2020 and the post-tax surplus of €328,250 in 2019.
At the end of 2021, the company’s cash balance had declined from €794,275 to €525,454.
During Covid-19, Government restrictions imposed in March 2020 forced the horse racing industry to close until June 8th that year, when is reopened, albeit behind closed doors.
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The impact of the pandemic continued to be felt during 2021, with the Weld company benefiting from Government grants of €143,653, up from €20,652 in 2020.
Separate figures published by Revenue show that it availed of Covid-19 wage supports during 2021.
The number of people employed by the business reduced from 58 to 50 during the year.
Aggregate pay for four directors declined marginally from €391,874 to €388,780 in 2021.
The company’s shareholder funds totalled €2.79 million at the year end.
