Business Irish

Sunday 26 January 2020

Red Cow complex hails 'strong' results

Dublin’s Red Cow Moran Hotel
Dublin’s Red Cow Moran Hotel

Gordon Deegan

The Red Cow complex on the outskirts of Dublin delivered a "strong" 2018, although expansion costs contributed to pre-tax losses increasing almost three-fold to €2.3m.

New accounts lodged by Cobglen DAC show that the business recorded the increase in pre-tax losses in spite of revenues growing by 7.3pc, to €18.8m from €17.5m. 

According to Tracey Moran, a director for the family-owned business: "The board is pleased with the strong 2018 trading results of the Red Cow Complex." 

She stated that "6.7pc rate growth helped revenue grow by €1.3m to €18.8m". 

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Ms Moran added that the company's trading earnings before interest, tax, depreciation and amortisation (ebitda) for the year came to €4.9m. 

The pre-tax loss takes into account combined non-cash amortisation and depreciation costs of €4.1m, and interest payments increasing by 69pc to €1.33m.

Ms Moran stated: "The hotel has transformed from a 123-bedroom operation to 319 rooms." 

She also noted: "Management added an additional 44 rooms during 2019." 

Ms Moran said that a €25m project will commence in the first quarter of 2020, to add 114 extra rooms.

Irish Independent

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