Profits at Dermot Weld racing firm rise to €4.6m

Accumulated profits at the Curragh-based racing firm owned by trainer Dermot Weld increased to €4.61 million last year.

Accounts recently filed by Mr Weld’s Rosewell Racing Ltd show that the company recorded post-tax profits of €137,456 last year.

The €137,456 profit represents a 37.5 per cent increase on the post-tax profits of €99,950 recorded by the firm in 2021.

The company had profits of €417,982 in 2020 and post-tax profits of €328,250 in 2019.

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During 2022, the firm’s cash funds declined from €525,454 to €1,856.

However, that hit to the firm’s balance sheet was more than compensated by the amount owed by debtors, which more than doubled from €675,835 to €1.366 million.

The company has tangible assets with a book value of €2.15 million including a value of €450,000 on livestock.

Numbers employed at the operation declined from 50 to 45, made up of 40 in general and five in administration.

The profit last year took account of non-cash depreciation costs of €48,604 and government grants received of €157,022.

Separate figures published by the Revenue Commissioners show that the firm availed of Covid-19 wage supports during 2022.

The four directors of the firm are all members of the Weld family: Mary and Dermot, along with sons Chris and Mark. Dermot, Chris and Mark are each listed as horse trainers, and aggregate pay for directors remained at the same level as 2021 at €388,780.

The company’s shareholder funds totalled €2.93 million after a negative €1.698 million “other reserves” is taken into account.

The veteran trainer took over the reins of the family horse training operation at Roswell House at the Curragh in 1972 and has had numerous career highlights.

Weld-trained horses have won all five Irish Classics, with the trainer’s first success coming with Blue Wind in the 1981 Irish Oaks.

A qualified vet, Mr Weld was the country’s leading amateur rider on three occasions.

Mr Weld became the fifth Irish trainer to land a Breeders’ Cup success when Tarnawa and Colin Keane won the Breeders’ Cup Turf at Keeneland in November 2020.

Mr Weld’s success on the racecourse continued with the Aga Khan-owned filly and odds-on favourite Tahiyra winning the 2023 Tattersalls Irish 1,000 Guineas in May.