Limerick bloodstock business co-owned by Denis Brosnan sees profits jump
Accumulated profits increase to €4.33m
PRE-TAX profits at the County Limerick-based bloodstock business co-owned by well-known businessman, Denis Brosnan last year increased more than two fold to €994,620.
New accounts filed by Mr Brosnan’s Epona Bloodstock Ltd show that its pre-tax profits increased by 160% after revenues went up by 29% from €3.94m to €5.09m in the 12 months to the end of June 2023.
Epona Bloodstock is the firm that operates the 270 acre Croom House Stud farm.
Croom House is the property of former Kerry Group chief executive Mr Brosnan, who along with Joan Brosnan, who purchased the house and lands in 1986, restored the stables and yards and brought their own thoroughbred horses onto the property.
The bulk of the firm’s revenues were generated from bloodstock sales at €4.56m compared to €3.19m in 2022. The rest of the firm’s revenues last year were made up of €235,276 in ‘livestock’; €268,522 in administration services and €17,542 in the keeping of mares.
The figures show that €3.7m of revenues were generated in the UK with €1.38m in Ireland. The profits last year take account of non-cash depreciation costs of €137,672.
Numbers employed by the firm last year declined by one to 12 and staff costs last year increased from €620,539 to €656,022.
At the end of June last year, the company had shareholder funds of €4.35m that included €4.33m in accumulated profits.
The company’s cash funds decreased sharply from €155,463 to €22,691.
The accounts disclose that the book value of the firm's livestock and bloodstock increased from €4.9m to €6.6m last year. The firm also has financial assets of €140,001 and tangible assets of €156,718.
The accounts – signed off on May 30 by Denis Brosnan and Joan Brosnan - also show that former director and shareholder, Mr Brosnan has provided a personal guarantee to the company and has confirmed that he will not withdraw the guarantees provided to the company.
According to the Croom House Stud website, 30 broodmares are kept, owned by Denis and Joan Brosnan or by Epona Bloodstock at the stud.
The website states that the rich limestone land “makes it possible to keep mares, yearlings and other followers outside in sheltered paddocks for most of the year with minimal time spent in stables”.
It adds: “This has enabled Croom House to produce strong, tough horses with great bone who have made their mark on racetracks throughout the world over the past twenty years.”
Directors on the board of Epona Bloodstock are listed as Joan Brosnan, Paul Brosnan and Mary Brosnan.