Friday 21 September 2018

Kerry hotels group records €19.2m revenues

The 102-bedroom Dunloe Castle
The 102-bedroom Dunloe Castle

Gordon Deegan

The directors of a Kerry luxury hotel group have sounded warnings over the short to medium-term impact on business of Brexit, the US election "and the troubling state of the EU".

The directors of the Swiss-owned Killarney Hotels Ltd sounded the note of caution as revenues continued to increase last year at the group to €19.2m.

New accounts show that revenues at the group - which operates two five-star hotels in Co Kerry, The Europe Hotel & Resort and the 102 bedroom Dunloe Castle - last year increased by 13pc to €19.2m.

Turnover at the group has increased by 126pc since 2011, when revenues of €8.49m were recorded.

However, hefty non-cash depreciation charges of €6.2m resulted in Killarney Hotels Ltd last year recording an pre-tax loss of €5.5m.

Along with operating The Europe Hotel & Resort and Dunloe Castle Hotel, Killarney Hotels also operate the four-star Hotel Ard na Sidhe.

The group recorded a pre-tax loss of €5.5m last year and this followed a pre-tax loss of €4.9m in 2015.

According to the directors' report for 2016, they "consider the performance of the company to be in line with expectation".

The directors are listed as Michael Brennan, Gerry Browne and Adrian Stehr and remuneration for the directors last year jumped to €606,694 including €34,776 in pension contributions.

Numbers employed increased from 175 to 191 with staff costs increasing from €7.3m to €8m.

The firm's shareholder funds totalled €3.5m. The company's cash pile increased from €6.6m to €8m.

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