Limerick Radisson Blu back in profit
The four-star Radisson Blu hotel on the outskirts of Limerick returned to profit in 2016 to record pre-tax profits of €131,775.
That is according to new accounts filed for the hotel which show that the hotel's gross profit increased by 28.5pc to €4.1m in 2016.
The 154-bedroom venue is one of a number of hotels in the iNua hotel group and the hotel's directors cite the main risk to the company as being the fallout from Brexit and the local economy. The directors state that they plan to continue the hotel's present activities and substantially increase its current trading levels.
The iNua group also includes the Radisson Blu hotels in Cork and Athlone along with the Muckross Park hotel in Killarney. The directors of the Limerick hotel state that the hotel's earnings before interest tax depreciation amortisation and rent (ebitdar) increased by 46.8pc in 2016.
The directors state that the profit of €131,775 "is a significant improvement" on the €344,605 loss in 2015.
The directors state that they "are confident of growing ebitda going forward on the back of a continuing favourable macroeconomic environment but are alert to the risks and threats posed by fallout from Brexit and slowing international economic momentum".
Numbers employed increased from 122 to 139 in 2016, with staff costs increasing from €1.95m to €2.22m. iNua Hospitality snapped up the hotel for €3.5m in 2014. The profit takes account of non-cash depreciation costs of €330,590. The company's cash pile increased from €370,340 to €427,641.