Festivals help profits at Connacht top €1.28m
The success of Galway city's many festivals contributed to pre-tax profits at the largest hotel in the west of Ireland, the Connacht in Galway city, topping €1.282m in 2016.
New accounts lodged by Connacht Hospitality show that the business enjoyed the pre-tax profits after revenues totalled €9.5m for the eight months to the end of December 2016.
The €9.5m in revenues for the eight months compare to €11.48m in revenues for the prior 12-month period and represent a 24pc pro rata increase in revenues for the eight-month period.
The €1.28m in pre-tax profits is a 12pc decline on the €1.45m pre-tax profits for the prior 12 months.
The directors of the business - which contains more than 350 hotel rooms - say that they are satisfied with the results.
The hotel was originally built in 1969, and rebranded as the Connacht Hotel in 2012.
The accounts confirm that since the year end, the hotel building was purchased by the owners of the company.
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 in 2016 increased from 150 to 173, with staff costs decreasing from €4m to €3.1m.
A breakdown of the numbers employed shows 144 are engaged in catering and house-keeping, with 29 engaged as administration and managers. Pay to directors increased from €247,127 to €257,059, made up of €248,273 in pay and €8,786 in pension payments.