Accumulated profits at the Curragh-based horse racing company owned by trainer Dermot Weld increased to €4.47 million in 2021.
Accounts recently filed by Mr Weld’s Rosewell Racing Ltd, which is based in Co Kildare, show the company recorded a post-tax profit of €99,950 in 2021. This was down sharply on the post-tax profit of €417,982 in 2020 and the post-tax surplus of €328,250 in 2019.
At the end of 2021, the company’s cash balance had declined from €794,275 to €525,454.
During Covid-19, Government restrictions imposed in March 2020 forced the horse racing industry to close until June 8th that year, when is reopened, albeit behind closed doors.
The impact of the pandemic continued to be felt during 2021, with the Weld company benefiting from Government grants of €143,653, up from €20,652 in 2020.
Separate figures published by Revenue show that it availed of Covid-19 wage supports during 2021.
The number of people employed by the business reduced from 58 to 50 during the year.
Aggregate pay for four directors declined marginally from €391,874 to €388,780 in 2021.
The company’s shareholder funds totalled €2.79 million at the year end.
