Pretax profits at the Co Limerick-based bloodstock company co-owned by businessman Denis Brosnan increased by 5 per cent to €381,656 last year, new accounts show.
Accounts filed by Mr Brosnan’s Epona Bloodstock Ltd show that its pretax profit increased after revenues went up by 29 per cent to €3.94 million in the 12 months to the end of June 2022. This followed pretax profits of €363,857 in the prior year.
Epona Bloodstock operates the 270-acre Croom House Stud farm in west Limerick.
Croom House is the property of former Kerry Group chief executive Denis Brosnan, who along with Joan Brosnan purchased the house and lands in 1986, restored the stables and yards and brought their own thoroughbred horses on to the property.
The bulk of its revenues were generated from bloodstock sales at €3.19 million compared to €2.5 million under that heading in 2021.
The rest of the firm’s revenues last year were made up of €228,307 in livestock, €451,488 in administration services, and €62,753 in the keeping of mares.
The figures show that €3.28 million of revenues were generated in the UK with €658,424 in Ireland.
Numbers employed increased by one to 13 while staff costs rose from €551,829 to €620,539 last year.
The company received €50,050 in government wage supports last year, having received €146,310 under the same heading in 2021.
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 2022, the company had shareholder funds of €3.48 million while its cash funds decreased sharply from €611,231 to €155,463.
The book value of the company’s livestock and bloodstock increased from €4.6 million to €4.9 million last year. The accounts also show that Mr Brosnan has provided a personal guarantee to the company not exceeding €5 million.
