The racehorse stables operated by trainer Gordon Elliott is confident it can continue to trade profitably despite the fall-out from the six-month training ban imposed on its owner.
Accounts filed by G Elliott Racing Ltd discloses that the company has "lost some training fees and sponsorship income since March 2021 due to the director's ban from training for six months".
The note attached to the accounts went on to say that “the company has reviewed costs and is confident of its ability to continue trading profitably for the foreseeable future”.
Post-tax profits increased seven fold to €124,391 at G Elliott Racing Ltd in the 12 months to the end of August last year in spite of the Covid-19 impact on horse racing.
Profits
At the end of August last, G Elliott Racing Ltd was sitting on accumulated profits of €1.433 million.
The 2020 post-tax profits follow post-tax profits of €15,938 in 2019, €167,496 in 2018 and €246,208 in 2017.
In March, the horse racing world was convulsed after the emergence on social media of a photo of the Grand National and Gold Cup-winning trainer sitting on a dead horse while taking a phone call.
In response to the photo, the Irish Horseracing Regulatory Board (IHRB) imposed a 12-month ban on Mr Elliott with the final six months suspended after finding that Elliott had brought the sport into disrepute.
Mr Elliott has almost served four months of the training ban at this time and, as part of its sanction, the IHRB also imposed a €15,000 on the 43-year-old trainer.
Denise Foster has taken over training at Mr Elliott's Cullentra House horse training operation for the duration of the six-month ban.
The post-tax profits for the 12 months to the end of August last take account of non-cash depreciation costs of €165,781.
The accounts said the company was impacted by the pandemic as “the horse racing industry closed down from several months from March to June 2020”.
Schemes
“The company laid off some employees and availed of schemes available to help with costs to continue trading when the industry opened,” the accounts said.
Separate figures published by the Revenue Commissioners shows that G Elliott Racing Ltd availed of the Government’s Covid Temporary Wage Subsidy Scheme (TWSS) last year.
Underscoring the growth of the Elliott training operation last year, employee numbers at the Elliott company increased from 71 to 85.
Aggregate pay to directors totalled €79,739 though the stable operation’s overall wage bill was not disclosed.
