Profits soar to €405,000 at the five-star Druids Glen resort
Published 10/12/2015 | 02:30
Profits at the five-star Druids Glen resort in Co Wicklow increased almost eight-fold to €404,934 last year.
According to the directors, the positive trends enjoyed in 2011, 2012, 2013 and 2014 have continued into this year "with management figures reflecting further improved turnover and continued growth in profitability".
The directors stated that the positive trends commenced after a rebranding and restructuring programme.
The directors said that they "are delighted with this continuing growth of the business and are fully committed to the future of the resort".
The profit enjoyed last year followed profits of €51,298 in 2013.
The directors said "the company's improved results over recent years have enabled the company meet banking, creditor and revenue obligations as they fall due". Numbers employed at the resort remained static at 158 with staff costs increasing from €3.53m to €3.7m. The accounts for Obalus Company, which operates the 400-acre resort, show that the profit last year turned the shareholders' deficit of €31,070 into an accumulated profit of €373,864.
The firm's cash pile last year reduced from €186,802 to €163,079. Druids Glen has played host to numerous famous faces, including former Taoiseach Brian Cowen and stars of Irish rugby as well as golf.
A note in the accounts points out that the company is still dependent on the continuing financial support of parent firm PW Ltd and the directors have received confirmation that such financial support will be forthcoming from PW Ltd for a period of at least one year.
The directors state that they are of the view that the company will continue to receive the support of its shareholders. The resort is owned by three Irish families, the Lappins, the Hurleys and the Flinns.