Business

Sunday 4 December 2016

Landmark hotel records €553,000 in earnings

Gordon Deegan

Published 05/04/2016 | 02:30

Kilkenny hurler Brian Hogan during a press evening ahead of an All Ireland match at local hotel Langton’s. Fellow hurler Henry Shefflin announced his retirement at the venue last year. Photo: Sportsfile
Kilkenny hurler Brian Hogan during a press evening ahead of an All Ireland match at local hotel Langton’s. Fellow hurler Henry Shefflin announced his retirement at the venue last year. Photo: Sportsfile

One of the best known hotels in the country, Langton's in Kilkenny city, reported earnings of over half a million euro in 2014.

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One of the best known hotels in the country, Langton's in Kilkenny city, reported earnings of over half a million euro in 2014.

Hurling legend Henry Shefflin last year chose the four-star hotel as the venue to announce his retirement from inter county hurling.

Figures lodged with the Companies Office show that the Langton Hotel Ltd recorded earnings before depreciation interest, tax and amortisation (EBITDA) of €553,738 in 2014. The figures show that the hotel recorded the earnings as the firm's gross profits dropped increased from €6.3m to €6.7m.

The accounts show that the firm recorded a pre-tax loss of €377,373.

However, this takes into account interest payments of €145,324 and non-cash depreciation costs of €785,787.

The principal activity of the firm is the operation of a hotel, bar and restaurant.

The directors' report says "the results for the year and the financial position at the year end were considered satisfactory by the directors who expect continued growth in the foreseeable future."

Langton's houses a number of bars along with the Set Theatre that opened in 2009 that has played host to the likes of The Coronas and Imelda May while the Langton's nightclub entertains thousands of revellers every week.

The firm's cash during the year fell from €964,252 to €440,968. The company's bank loans reduced from €4.4m to €3.3m at the end of December 2014. The firm's net debt during the year dropped sharply from €3.49m to €2.86m.

Numbers employed at the business fell from 174 to 173 while staff costs increased from €3.53m to €3.6m.

Remuneration to directors remained static at €194,230.

The firm recorded an operating loss of €232,049 in 2014 and this followed an operating loss of €425,066 in 2013.

Irish Independent

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