Profits at Dermot Weld's Curragh horse racing firm increase to €4.47 million

Accumulated profits at the Curragh based racing firm owned by one of the best known names in Irish horse racing, trainer, Dermot Weld increased to €4.47 million in 2021.

Accounts recently filed by Mr Weld’s Rosewell Racing Ltd show that the company recorded post tax profits of €99,950 in 2021.

The post tax profits were down sharply on the profits of €417,982 in 2020 and the post tax profits of €328,250 in 2019.

At the end of 2021, the firm’s cash funds had declined from €794,275 to €525,454.

During Covid-19, Government restrictions imposed in March 2020 forced the industry in which the business operates to close until 8th June 2020 when is re-opened, albeit behind closed doors.

The impact of Covid-19 continued to be felt during the year under review and the Weld firm benefited from Government grants of €143,653.

Separate figures published by the Revenue Commissioners show that the firm availed of Covid-19 wage supports during 2021.

Numbers employed by the business show that headcount reduced from 58 to 50 made up of 45 ‘general’ employees and five in administration.

The profit in 2021 also takes account of non-cash depreciation costs of €33,689.

The four directors of the firm are all members of the Weld family; Mary and Dermot along with sons, Chris and Mark. Dermot, Chris and Mark are each listed as horse trainers and aggregate pay for directors declined marginally from €391,874 to €388,780 in 2021.

The company’s shareholder funds totalled €2.79 million after a negative €1.698 million ‘other reserves’ is taken into account.

The veteran trainer took over the reins of the family horse training operation at Roswell House at The Curragh in 1972 and has had numerous career highlights.

Weld trained horses has won all five