Hayfield group profits hit €5.4m
Pre-tax profits at the Kerry-based hotel group that operates the five-star Hayfield Manor in Cork city last year increased by 51pc to €5.43m.
New consolidated accounts filed by Tripoint Investments Ltd show that the group achieved the soaring profits as revenues increased by 1.7pc, going from €22.6m to €23m.
The business is owned by the Scally family and accounts also include the performance of the Scallys' four-star Killarney Royal hotel.
In a bumper year for the group, pre-tax profits last year increased by €1.83m going from €3.59m to €5.4m.
The accounts show that the group at the end of December last owed directors and owners Joseph and Margaret Scally €3.8m.
The overall amount paid in salaries to key management personnel made up of hotel managers and members of the Scally family totalled €303,811.
Staff costs last year reduced from €8.4m to €8m.
The directors of Tripoint state that they are satisfied with the performance of the group and expect the group to be profitable going forward.
The directors list the uncertainties facing the company as competition risk, falling security numbers and cybersecurity threats.
The group's operating profits last year increased by €1.8m going from €4m to €5.8m.
Finance costs or interest payments of €458,742 reduced the group's profits to €5.4m.
The group had shareholder funds of €22m that included accumulated profits of €10m.
The profit takes also takes account of non-cash depreciation costs of €940,316.