With increased land sales, funds committed from shareholders and a debt write-down, it appears Kilkenny Mart has turned a corner.

While operating profit increased from €62,000 to €573,000 last year, €546,000 related to profit from the sale of land. When this is excluded, profits fell 56% to €27,000, largely driven by reduced livestock trading numbers. Cattle throughput fell by 2,000 (5%) to 36,166. Calves were down 5% to 3,680 and sheep fell 10% to 29,976.

While part of the reduction in cattle was due to lower numbers in the country, it is also blamed on the expansion of dairy in the area, as more heifers were used to increase the dairy herd.

This meant livestock sales commissions decreased 3.5% to €943,000. Rental and conference sales fell 3% to €545,000.

Income from property auctioneering increased to €56,000. Bank debt fell by €1.53m during the year.

Loans

Loans to the bank stood at €7.4m at year end and the co-op has an agreement with the banks that if €4m can be raised through a combination of sharing up from members and land sales, it will take a debt write-down to the tune of €2.5m.

Michael Lynch, mart manager, said that the share drive is going well. To date €1.7m has been committed from 720 shareholders. The target is to reach €2m before the end of the year.

Independent assesors valued the fixed assets at the end of year at €11m, significantly down from the previous €17m, better reflecting current values.

The debt is becoming more manageable, and at year end should be below €5m over the next 18 years. Connolly’s Red Mills are developing a retail store, to open in September, which should drive increased footfall to the business park. With the debt down, increasing rent roll and the economy picking up to improve prospects for future land sales, it seems as though things are looking up for Kilkenny Mart.