Firm behind the Merrion lifts profits three-fold to £2.4m
THE Northern Ireland-based hotel group that co-owns the Merrion Hotel boosted pre-tax profits three-fold last year to £2.4m (€2.8m)
Sales at Hastings Hotels increased by 7pc to £37.5m in the 12 months to the end of October.
Underlining the continued growth in business at the Merrion Hotel in Dublin, the accounts show that the group's share of its profit from its joint venture in the Merrion Hotel increased by 58pc from £338,456 to £537,304 last year.
The group owns half of the Merrion Hotel. Revenues from the Dublin hotel declined marginally last year from £6.65m to £6.63m.
The hotel has 123 rooms and 19 suites, and guests can pay €269 for a standard room to €2,695 for the penthouse suite.
The remaining 50pc of the Merrion Hotel is owned by former Allied Irish Bank chairman Lochlann Quinn and Glen Dimplex founder Martin Naughton.
The Hastings Group's other hotels include the landmark Europa Hotel in Belfast and the luxury Culloden Hotel on the outskirts of Belfast. The directors warn the external commercial environment is expected to remain competitive in 2013.
The group returned to growth last year following two years of falling sales. Hasting's paid an interim dividend last year of £368,053 following a dividend pay out of £276,040 in 2011.
The figures show that the group's operating profit last year almost doubled from £1.6m to £3.2m.
Accumulated profits jumped to £30m last year, with its cash increasing from £4.2m to £5.2m. The profit takes account of non-cash depreciation costs of £3m.
The workforce rose by seven people to 1,070, with staff costs increasing from £10.3m to £10.8m. That includes 515 full-time and 555 part-time. Directors' pay increased from £952,215 to £971,425.