Brexit a worry as profits double at luxury Druids Glen
Published 24/09/2016 | 02:30
Pre-tax profits at the five-star Druids Glen resort in Co Wicklow last year more than doubled to €987,587.
Gross profit rose from €7.6m to €9m in the 12 months to the end of December last.
In an interview yesterday, Druids Glen ceo Edward Stephenson said: "I am pleased with the 2015 results.
"All areas of the business experienced good growth, with corporate meetings and conferences delivering a particularly strong performance.
"This performance has helped to produce RevPar (revenue per available room) growth of 24pc and the ongoing capital investment programme has successfully positioned the resort to benefit from the upturn in the economy as more customers seek value outside of the Dublin hotel market."
He added: "Bookings for 2017 are encouraging, however the uncertainty created by the Brexit vote remains an ongoing concern."
He said: "The resort is performing well in 2016 and I am particularly pleased by the healthy upturn in our golf business."
According to hotel firm Obalus Hotel Company's directors' report "during 2014 and 2014, circa €2m capital expenditure has been incurred on bedroom and restaurant refurbishment."
The report added that "following this extensive refurbishment, 2015 results and performance to date in 2016 have shown continued growth in both sales and profitability".
Numbers employed last year rose from 158 to 205 with staff costs going up from €3.7m to €4.39m.
Since rebranding as Druids Glen Resort, the company has experienced positive trends from 2011 to 2015.