Hodson Bay Hotel Group lifts profits to €1.8m
Pre-tax profits at the four star Hodson Bay Hotel Group last year increased by 4pc to €1.86m.
The group is controlled by the O'Sullivan family and is made up of the four-star Hodson Bay hotel outside Athlone; the four-star Sheraton hotel in Athlone town centre and the four-star Galway Bay hotel.
New accounts filed by Shermond Holdings show that the group enjoyed the increase in pre-tax profits after revenues went up by 10pc - going from €26.94m to €29.54m in the 12 months to the end of February 29 last.
Last year, the group suffered a setback in its plans to enter the booming hotel market in the capital when it failed to secure planning permission for a new €40m 263-bedroom hotel on the Coombe near St Patrick's Cathedral in Dublin.
A new application is to be lodged taking account of the concerns expressed by An Bord Pleanála over the proposal.
The accounts show that the group spent €18m on the purchase of new fixed assets last year. The value of the group's fixed assets last year increased from €44m to €60m.
The group last year recorded operating profits of €2.6m and interest payable of €757,553 reduced the group's profits.
The group enjoyed a post-tax profit of €1.6m after paying corporation tax of €247,540.
The group's shareholder funds stood at €14.17m.
Staff costs at the group last year increased from €10.7m to €11.95m.
The group's bank loans increased from €27.83m to €41.41m and a note attached states that the drawdown of bank debt relates to the purchase of additional hotel buildings. The profits last year include a non-cash depreciation charge of €1.92m.