Brosnan bloodstock posts loss of €2m due to heavy cost provisions
The bloodstock business co-owned by well-known businessman, Denis Brosnan posted a pre-tax loss of just over €2m as a result of exceptional costs.
New accounts filed by Mr Brosnan’s Epona Bloodstock Ltd cover the financial year for the 12 months to the end of June.
They show that a provision of €2.1m relating to a separate firm, Epona Management Ltd, wiped out potential profits at Epona Bloodstock.
The loss was as a result of the exceptional costs and follows a number of years of profits at the business.
In 2017, Epona Bloodstock posted a profit of €273,360.
It also made profits of €362,241 and €602,912 in its two previous financial years.
Epona Bloodstock is the firm that operates the 270-acre Croom House Stud farm in west Limerick.
Croom House is the property of the former Kerry Group chief executive Denis Brosnan who along with Joan Brosnan purchased the house and lands in 1986.
They restored the stables and yards and brought their own thoroughbred horses onto the property.
The accounts show that revenues at the business last year increased slightly to just over €4m from €3.9m.
Over half of its revenues, or €2.1m, were generated in the UK, and over €1.9m was generated here.
The bulk of the firm’s revenues - 88% - was generated from bloodstock sales.
A breakdown shows “livestock” sales produced €168,116 in revenues.
Some €267,667 was produced from administrative services and €35,824 was generated from the “keep of mares”.
There was over €14,290 generated from other “sundry” activities.
The accounts show that there were 13 people working in the business last year, with staff costs amounting to €638,768.
Payments to directors totalled €94,249.
The loss last year also takes account of non-cash depreciation costs of €111,635.
The loss last year also resulted in accumulated profits falling from almost €4.5m to under €2.4.
Five members of the Brosnan family sit on the board.
The accounts show that Mr Brosnan ploughed €258,100 into the business last year.
The business already owed him €329,171 and repaid Mr Brosnan €613,922 during the year.
