Gleneagle Returns to Profit
Accounts filed by Gleneagle Holdings (Killarney) Ltd show the business returned to pre-tax profit last year after revenues surged by 56pc, from €8.4m to €13.16m.
The business operates the four-star Gleneagle Hotel and INEC in Killarney, and the pre-tax profits of €1.64m follow a pre-tax loss of €2.3m in 2020 — a positive swing of €3.95m.
The business last year benefited from a Covid-19 "staycation dividend" as the directors say the business performing well after re-opening in June 2021 "was due to strong pent-up demand in the domestic market".
Along with the strong domestic demand, the directors say the business benefited from "considerable capital investment in the refurbishment of the hotel, leading to an increase in occupancy levels and higher average room rates being achieved".
The group recorded an operating profit of €2.96m and interest payments of €1.3m reduced profits to the pre-tax profit of €1.64m.
"Other operating income" of €4.47m was made up of Employment Wage Subsidy Scheme (EWSS), Covid Restrictions Support Scheme and other Government supports. The business also benefited from a commercial rates waiver in 2021.
The pre-tax profit last year also takes account of combined non-cash depreciation and amortisation costs of €1.4m.
Numbers employed at the business last year increased from 150 to 206, as staff costs rose from €4.07m to €6.64m.