Profits increase by 77pc at five-star Powerscourt
PRE-TAX profits at the firm that operates the award-winning Powerscourt Hotel in Co Wicklow increased by 77pc to €1.98m last year.
According to new accounts filed by Sugarloaf Ventures Ltd, revenues rose by 3pc, from €20.59m to €21.27m.
The directors said they expect to continue to invest in the business in the coming year with a view to achieving managed growth and profitability in operations.
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A spokesperson for hotel owner Tetrarch Capital said yesterday: "We are pleased with the performance of the hotel last year, during which operating profit rose materially.
"Results were helped by strong occupancy levels of over 70pc, while room-rate growth was also positive."
He added that "2018 hosted a healthy mix of demand from both domestic and international visitors, and we anticipate an extremely busy Christmas season.
"We are working on various plans to enhance the food and beverage offering at the hotel, and hope to commence these works in 2019."
The five-star hotel, which has 194 guest rooms, including 93 suites, features a 30,000 sq ft spa with 20 treatment rooms.
It also boasts two championship golf courses, a traditional Irish pub and facilities for events, conferences and weddings.
Tetrarch Capital also operates the Marker Hotel in Dublin, the Mount Juliet resort in Kilkenny, Citywest in Dublin and the Killashee House Hotel in Co Kildare.
At the end of December last, the firm had accumulated losses of €2.56m.
It cash pile fell from €3m to €2.7m last year.
The operating profit of €1.48m last year takes account of lease payments of €862,108 and the non-cash depreciation of tangible assets of €977,026.
Numbers employed at the hotel last year continued to increase, from 319 to 324, with 289 in hotel, leisure and spa and 35 in management, sales and administration.
Staff costs last year fell from €8.1m to €7.7m.
Pay to key management last year rose from €479,211 to €505,421.