The Irish National Stud last year recorded pre-tax losses of €1.8m as it continued to count the cost of declining income generated by star horse, Invincible Spirit.
New accounts show that revenues at Irish National Stud DAC last year remained static at €7m.
The pre-tax losses of €1.8m last year followed €1.82m pre-tax losses in 2023.
In his report, chair of The Irish National Stud DAC, Dan Flinter states “2024 has been a year of modest operational and net gains from last year, as we continue our transition through the inevitable decline in income arising from Invincible Spirit”.
Mr Flinter states that “in 2017 he was responsible for approximately 70% of the entire company’s revenue. As recently as 2020 this was 40%. In 2024, Invincible Spirit was responsible for less than 2% of income. He was retired from stud duty at the end of 2024 thus closing the chapter on his remarkable stud career.
Mr Flinter states that “he will have a happy and healthy retirement at the stud”.
Mr Flinter says that “our greatest challenge remains the development of stallion income to replace Invincible Spirit. Progress has been made but the reality is that investments in stallions are for the long term and take time to bear fruit”.
Mr Flinter further states that “Phoenix of Spain, in his fifth season at stud was one of the most popular stallions in Ireland, covering 217 mares. This was testament to the excellent results of his first crop of two-year-old runners in 2023 and their equally promising performance as three-year-olds throughout 2024.”
He adds that income “from the sale of bloodstock increased significantly in 2024 as we welcomed 31 foals owned by the Stud and syndicate partners.”
These included foals by proven sires Invincible Spirit, Siyouni, Dark Angel, Showcasing and Phoenix of Spain.
Mr Flinter states that “Our highest priced yearling was a Night of Thunder filly out of Sea Mona which sold for €640,000 at the Goffs Orby Sale. Our foals sold well with the highlight being a Siyouni colt out of Dubious Affair selling for €110,000”.
The National Stud DAC recorded stud and farm revenues of €4.4m and tourism revenues of €2.57m.
Mr Flinter states that “tourism income has well and truly surpassed 2019 levels with record revenues recorded in 2024. Our retail facility has performed very well, and the Irish Racehorse Experience continues to attract strong reviews.
He said: “Our food and beverage offering continues to expand and we continue to invest in small enhancements throughout the complex to ensure there is always something new and fresh for our visitors to see. In 2024 we welcomed over 144,000 visitors which was down on the 152,000 in 2023”.
He said: “The business has recovered very strongly compared to market average, and we expect significant growth in the years to come.”
The loss last year takes account of non-cash depreciation costs of €1.33m.
Numbers employed reduced from 79 to 74 as staff costs increased marginally from €2.95m to €3m. The pay package for ceo, Cathal Beale last year totalled €152,408 that included salary and other short term benefits of €124,908. In 2024, Mr Beale signed a three year extension to his contract.
Reporting by Gordon Deegan
