Mount Juliet resort targeting a return to profit
The five-star Mount Juliet hotel and golf resort hopes to return to a modest level of profitability in 2016.
That is according to a spokesman for co-owners of the resort, Tetrarch Capital who was commenting on new accounts showing that pre-tax losses last year declined by 23pc to €1.9m as revenues increased by 5pc to €9.47m.
In 2014, Irish entrepreneur, Emmet O'Neill and Tetrarch Capital sealed a deal to buy the resort for an estimated €15m.
The pre-tax loss last year takes into account 'restructuring charges' of €538,167, interest payments almost tripling to €736,328 and hefty non-cash depreciation charges of €932,592.
Numbers employed reduced from 136 to 127 with staff costs coming down from €5.29m to €4.98m.
"Trading in 2016 has been positive. Since our acquisition in 2014, we have invested an additional €6m," said a Tetrarch spokesman.
An expansion of the luxury resort near Kells Priory in Co Kilkenny will deliver another 77 rooms next year.