INEC venue owner's profits hit €1m thanks to Daniel O'Donnell, dance and gaming
The group that operates Ireland's National Event Centre (INEC) in Killarney recorded an operating profit of €1.05m in 2015 as revenues climbed 6pc to €24.8m.
The INEC regularly plays host to big stars and is a favourite venue of Donegal crooner, Daniel O'Donnell. New accounts filed by Gleneagle Holdings (Killarney) show that the business maintained its level of operating profit in 2015.
However, an exceptional cost of €384,000 relating to the write-off of debt owed to the company by connected firms and interest payments totalling €934,105 resulted in a pre-tax loss of €267,425.
Chief Financial Officer of the Gleneagle Group, Manjit Gill said yesterday that the group was "pleased that our turnover for 2015 is up 6pc on 2014".
He said that the Gleneagle Group continues to benefit from initiatives such as the Wild Atlantic Way while events including Oireachtas na Gaeilge, the All-Ireland Dancing Championships, the Insomnia Gaming Festival and Daniel O'Donnell's week-long residency boosted visitor numbers last year.
"We are once again set to host a series of large-scale events in 2017, which will in turn benefit the entire region," he said.
The pre-tax loss takes account of combined non-cash depreciation and amortisation costs of €1.3m. Numbers employed by the group in 2015 increased from 382 to 409 with staff costs increasing marginally from €9.7m to €10.8m. A note attached to the accounts on the group's going concern status states that "a cross guarantee is held by AIB for the debt of all companies, some of which are in a net liability position. The group has the support of its bankers and continues to be in a position to pay debts as they fall due".
The group's bank loans at the end of December 2015 stood at €30.6m.
Remuneration for directors, including pension contributions, increased from €450,549 to €567,540. Shareholder funds totalled €2.29m while the group's cash was €3.19m.