04-07-2025
National Stud reports €1.8m loss as star stallion Invincible Spirit retires
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."
'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," said Mr Flinter.
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. He adds that income 'from the sale of bloodstock increased significantly in 2024 welcoming 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, with 144,000 visitors which was down on the 152,000 in 2023.
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.
