Profits soar eightfold at Connacht hotel
The success of the Wild Atlantic Way and Galway's many festivals contributed to pre-tax profits at the largest hotel in the west of Ireland, the Connacht in Galway city, increasing eight-fold to €1.458m last year.
New accounts lodged by Connacht Hospitality Ltd show that the business enjoyed soaring pre-tax profits, going from €168,267 to €1.458m after revenues increased by 17pc going from €9.79m to €11.48m.
The directors of the hotel - which contains over 350 bedrooms - stated that they were satisfied with the results for the year to the end of April last.
The hotel was originally built in 1969 and rebranded as the Connacht Hotel in 2012 after it was purchased and restructured.
The hotel sector in Galway is booming and it benefits from the annual Galway International Arts Festival and the annual Galway Races jamboree.
Numbers employed by the firm last year increased from 147 to 150 and staff costs increased from €3.75m to €4m. A breakdown of the numbers employed show that 142 are engaged in catering and house-keeping with eight engaged as administration and managers.
Pay to directors last year increased from €234,364 to €247,127, made up of €233,059 in pay and €14,048 in pension payments.
Shay Livingstone and Jonathan Duggan resigned as directors on November 16 last and were replaced by John Carmody and Karl Daly.
The profit takes account of non-cash depreciation costs of €159,937.