A net gain of €3 million from the sale of land to the State led to a near trebling of profits at bloodstock auctioneer Goffs in the year to March 31st.

Kildare-based Robert J Goff & Company yesterday posted pre-tax profits of €5.3 million for the 12 months to end March. Pre-tax profits for 2002 were €1.9 million.

During the year, the National Roads Authority (NRA) agreed to pay the company €3.8 million on foot of a compulsory purchase order. Goffs recorded a €3.016 million net profit from this transaction in its accounts.

In his statement, chairman Mr Michael Osborne said that excluding this exceptional item, underlying after-tax profit growth stood at 22 per cent. The company retained more than €4 million in profits at its year end.

Its income for the year, mainly generated from bloodstock auctioneering fees, was €10.8 million, compared with €8.9 million in 2002. Operating profits were €2.35 million, as against €1.98 million in 2002. Excluding the land sale, earnings per share were 28 cents, up three cent on the 2002 return of 25 cent. Shareholders' funds stood at €15.26 million, a 50 per cent increase on 2002, when they were €10.25 million.

During the year, some €72 million worth of bloodstock passed through its sales rings, the second largest figure ever traded. The group's catalogue was the largest ever, with 5,000 horses offered for sale, while at 3,000, the number actually sold was also a record.

During the year, it paid €714,000 for a 67 per cent stake in a French company, Trotting Promotions Ltd.

It also completed a €2 million reinvestment in its premises at Kill, Co Kildare.