Tuesday 22 October 2019

Kings of the castle: Houlihan family share €2.5m dividend from Clontarf hotel

Clontarf Castle Hotel
Clontarf Castle Hotel

The Houlihan family, who own the four-star Clontarf Castle hotel in Dublin, enjoyed a €2.5m dividend windfall last year from the business as profits increased by 8pc to €3.96m.

New accounts filed by Clontarf Castle Ltd to the Companies Office show that pre-tax profits increased by €296,459 to €3.96m, as revenues went up by 4pc to €12.85m from €12.35m in the 12 months to the end of December.

The payment of the €2.5m dividend follows a dividend payout of €1.5m in 2017, €1m in 2016 and €1.25m in 2015.

The hotel business is controlled by Ardmel Holdings and its shareholders comprise members of the Houlihan family. The DID Electrical founder Gerry Houlihan controls the business and he also retains an interest in the TIFCO group of hotels, which manages Clontarf Castle.

The directors stated that the company had continued to improve performance in recent years.

They stated: "Turnover has increased on prior year, allowing the firm to maintain excellent profitability levels."

The firm's operating profits increased by 9pc to €4.07m from €3.74m, and interest costs of €103,250 reduced the profits to a pre-tax figure of €3.96m.

The company recorded post-tax profits of €3.47m after paying corporation tax of €497,132.

Numbers employed by the firm last year increased to 119 from 116, and staff costs increased to €3.9m.

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