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Profits at Moran Hotel Group soar to €25.9m

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Limerick businessman Tom Moran

Limerick businessman Tom Moran

Damien Eagers

Limerick businessman Tom Moran

OPERATING profit at the Moran Hotel Group rose 14pc last year to €25.94m after the group enjoyed a rise in revenues.

New figures filed with the Companies Office show that T & S Taverns recorded a €3.2m increase in operating profit after revenues increased 10pc to €89.6m in the 12 months to the end of January.

The group – headed up by Limerick businessman Tom Moran, pictured, has recently restructured its finances; striking a deal with its lenders that resulted in the group's debt burden reducing from €700m to around €225m.

The restructuring involved a debt for equity swap with Allied Irish and Bank of Ireland, with the Moran family retaining a significant shareholding in the business.

Referring to the new lending agreement and the group's recent performance, the directors state that the group "continues to trade ahead of the market in gross operating profits and earnings before interest, tax, depreciation and amortisation (EBITDA)".

The directors' report states that "despite difficult trading conditions and the pressures on the hotel sector and the tourism industry, turnover and gross profit were maintained in line with the previous year and the group achieved €25.9m in EBITDA".

In all, the group operates 10 hotels with a total of 2,627 bedrooms across five cities in Ireland and the UK.

Irish Independent