The racehorse training company, run by Gordon Elliott, is confident that it can continue to operate profitably for its owner despite the consequences of the six-month training ban.

This emerges from new reports filed by the trainer’s G Elliott Racing Ltd with the Companies Office, which state that the company “has lost some training fees and sponsorship income since March 2021 due to the director’s six-month training ban”.

The note attached to the financial statements continued “but the company has reviewed costs and is confident that it can continue to operate profitably for the foreseeable future”.

The new accounts show that after-tax profit increased sevenfold to € 124,391 in the 12 months ended August last year, despite the effects of Covid-19 on horse racing.

At the end of August 2020, the company was sitting on a balance sheet profit of 1.43 million euros.

The value for 2020 follows a profit after tax of € 15,938 in 2019, € 167,496 in 2018 and € 246,208 in 2017.

In March, the world of horse racing rocked after a photo surfaced on social media of the Grand National and Gold Cup winning coach sitting on a dead horse while answering a phone call.

Immediately thereafter, Betfair announced that it would end its partnership with Elliott as ambassador, while horse owner Cheveley Park Stud removed eight horses from Elliott’s farm.

Michael O’Leary’s Gigginstown Stud partnership with Elliott has won two Grand Nationals with Tiger Roll, and Gigginstown stood by Elliott as the controversy engulfed the Cullentra stables in Longwood, Enfield, County Meath. In response to the photo, the Irish Horseracing Regulatory Board (IHRB) imposed a twelve-month ban on Elliott, with the last six months suspended after finding that Elliott had discredited the sport. Elliott has served nearly four months of the training ban and as part of his sanction, the IRHB also fined the 43-year-old € 15,000.

The IRHB said the photo showed “terribly bad taste” on the part of the trainer and a “complete disrespect” to the horse. Trainer Denise Foster has taken over the reins of the horse training company Cullentra House from Elliott for the duration of the six-month suspension.

Recent earnings include non-cash depreciation of € 165,781.

The accounts say the company was affected by the pandemic because “the horse racing industry was closed for several months from March to June 2020”.

“The company laid off some employees and used the programs available to support the cost of continuing trading when the industry opened,” the account said.

Separate figures released by the Revenue Commissioners show that G Elliott Racing Ltd made use of the government’s Covid Temporary Wage Subsidy Scheme (TWSS) during the year under review. Underlining the growth of the Elliott training company in the past year, the number of employees rose sharply from 71 to 85 over the course of the year.

The total compensation paid to the directors was € 79,739, although the total stable operations payroll was not disclosed.

In a statement issued on behalf of Elliott following the IRHB sanction, Elliott said, “I am in this situation on my own and I will not evade it.

“With my position in sport I have great privileges and great responsibility. I did not live up to this responsibility. I pay a very high price for my mistake, but I have no complaints.

“It breaks my heart to see how much I’ve hurt my co-workers, family, friends and supporters. I have a long way to go, but I’ll do my time and then build up better. “