Invincible Spirit helps fuel big profit rise at Irish National Stud

Demand for the services of flagship sire Invincible Spirit helped fuel a 56 per cent increase in profits at the Irish National Stud last year.

Profits on ordinary activities before tax were €3.9 million for 2016, up from €2.5m in the preceding year, according to the operation's recently published annual report.

Invincible Spirit stood at a career-high fee of €120,000 last year, in the wake of his sons Shalaa and Territories notching Group 1 victories. The 20-year-old commanded the same price at the Tully stud this season.

Turnover generated by the Irish National Stud's bloodstock grew by 24 per cent year-on-year to €9.4m from €7.6m, with stallion income increasing by €1m.

The operation's tourism activities were also in robust health, with takings rising by 13 per cent to €1.2m. The report said the stud attracted 124,000 paying visitors "in a much improved performance".

Irish National Stud chairman Matt Dempsey noted in his statement that "the improvement in 2016 was again largely attributable to Invincible Spirit who reached a new high fee of €120,000 per nomination.

"This outstanding success is due to his continuous stream of wins at the highest level. 2016 produced three new Group 1 winners for him, namely Profitable, Signs Of Blessings and National Defence."

Dempsey said that Free Eagle was "strongly supported by his robust syndicate" in his first season, and commended the good results for the stud's yearling draft at Goffs last September.

The statement also toasted the victory of the Irish National Stud-bred mare Aimhirgin Lass carrying the silks of the President of Ireland last July, and said she would be covered by Invincible Spirit this year.

On a more sober note – and an important one, considering the ageing Invincible Spirit has been responsible for much of the stud's financial buoyancy in recent years – Dempsey reflected on the fact the stud failed to recruit a new name for its roster this year.

"Our quest for a new stallion for 2017 proved unsuccessful," he said. "With 19 new stallions serving the market in Ireland, the stallion market will be more competitive than ever in 2017."

Nine new broodmares were acquired though, taking the number to 38 in production for the stud.

Cathal Beale recently took over the reins of the Irish National Stud, succeeding John Osborne, who completed his term of seven years as chief executive.

Read about the new man at the helm Cathal Beale

The Duchess of Cornwall visits the Irish National Stud