Bloodstock group Robert J. Goff has reported a 19 per cent decline in pre-tax profits to £834,000 (€1.05 million) from £1.03 million in the 12 months to the end of March. The company said much of the fall was due to static bloodstock sales and a sharp rise in costs, mainly higher management costs. The international financial crises was also a hurtful factor, affecting its Orby Sales in October.

After tax, the group's profits fell 14 per cent to £530,000. Despite the drop in profitability, Goffs' board has expressed confidence that profit growth will be restored in the current year.

Management is hopeful that the strength of sterling against the pound should encourage overseas interest in its autumn sales.

The board has decided to maintain the dividend paid to shareholders at last year's level of 45p per share.

Goffs has been granted planning permission to develop a tourist outlet village at its Co Kildare headquarters. It is subject to appeal and Goffs expects to hear the final outcome in the autumn.

A new chief executive, Mr Oliver O'Reilly, was appointed in January and will play a key role in driving its international marketing campaigns.