Irish Olympic showjumping medallist Cian O’Connor has struck gold with his Co Meath horse-breeding business recording revenues of €20.77 million over a 12-month period.
In a record year for O’Connor’s Karlswood Stables, revenues at the operation soared by 47 per cent from €14.2 million to €20.77 million.
The jump in revenues resulted in pretax profits increasing at Ronnoco Jump Ltd almost threefold from €1.55 million to €4.56 million in 2018.
The 2018 accounts were only signed off by the three-time Irish Olympian this week before being filed with the companies office.
The main activity of the business is the production and sale of international showjumping horses along with coaching and management of showjumping clients and horses.
Coronavirus impact?
The company expects the coronavirus impact on the business to be minimal.
The main driver of revenues during the year was bloodstock sales – rising by 61 per cent or €7.23 million, from €11.87 million to €18.1 million. The revenues also include coaching/management/livery totalling €838,700; €562,500 in commission and €265,088 in prize money.
Ronnoco’s profits have been ploughed back into O’Connor’s latest venture, a high-performance centre at Karlswood. The asset includes indoor and outdoor sand arenas, a salt therapy room, equine spa, aqua treadmill and solarium.
At the end of December 2018, Ronnoco had accumulated profits of €9.1 million, cash funds increased from €4 million to €5.7 million during the year.
High-performance centre
In 2018, the business employed nine people and that increased to 15 with the opening of the centre.
Staff costs in 2018 were €625,370; that included directors’ pay of €287,710. The profit takes account of non-cash depreciation costs of €287,710.
O'Connor is a grandson to former rugby international the late Karl Mullen and godson to Sir Anthony O'Reilly. His entrepreneurial spirit is shared by sister Pippa O'Connor whose Poco clothing brand last year had record revenues of €2.7 million.
O’Connor won a bronze medal at the 2012 London Olympics and at the recent Tokyo Olympics finished best of the Irish showjumpers in seventh place in the individual final.
