New accounts filed by Mr Brosnan’s Epona Bloodstock show that pre-tax profits increased by 160pc after revenues went up by 29pc 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 in west Limerick.
Croom House is the property of former Kerry Group chief executive Mr 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 bulk of the firm’s revenues were generated from bloodstock sales – €4.56m compared with €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 some €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 it had tangible assets of €156,718. Interest costs last year totalled €77,720.
The accounts – which were 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, and owned by Denis and Joan Brosnan or by Epona Bloodstock at the stud.
