Robert J Goff & Co, the bloodstock sales company, recorded an increase in pre-tax profits for last year to £1.063 million, up 27 per cent on the previous year's £834,000.

Group profit after tax increased by 44 per cent to £683,000, while income increased from £4.5 million to £5.8 million.

Earnings per share have grown from 1.04p to 1.5p, an increased of 44 per cent and the board is increasing the dividend from 4.5 per cent to 5 per cent.

The chairman, Mr Michael Osborne, said that the improved results reflected the buoyancy in the company's core business, bloodstock auctioneering. However, net operating expenses increased considerably from £2.64 million to £3.1 million which includes an increase of £161,000 for management services.

There was a 12.5 per cent increase in sales turnover, a significant element of which came from the yearling section and specifically the Orby Yearling Sales where the aggregate registered a 7 per cent improvement on the previous year. The breeding stock sale improved by 55 per cent for broodmares and fillies.